PLANADVISER - July/August 2020 - 7

enhanced consumer protections while
maintaining access to choices in the
retirement products they want and need,
such as annuities-the only product available
in the marketplace that guarantees
lifetime income, " Neely says.
Action Among the States
Neely and others point out that the states
are moving forward on their own " best
interest " proposals. Iowa and Arizona were
first out of the gate, adopting a transaction
suitability framework finalized last year
by the National Association of Insurance
Commissioners (NAIC). More states are
likely to act this year and next, Neely says.
While the proposed DOL rule, Reg BI
and the NAIC framework are seen by many
in the industry as creating alignment and
clarity for advisory and brokerage professionals,
the rules have received negative
commentary from other parties, including
fiduciary-focused advisers and entities
focused on consumer education and
protection. There is a significant amount
of debate about the topic of rollovers, and
whether and how the ERISA fiduciary rule
applies to the provision of rollover advice/
products by various entities.
In a statement from its leadership,
the National Association of Personal
Financial Advisors (NAPFA) says the DOL
proposal-coupled with Reg BI-might,
in fact, contribute to, not mitigate, investors'
confusion when seeking professional
financial advice. -John Manganaro
The Search for a 'Cure'
How workers try to remedy the pandemic money woes
Millennials
52% have withdrawn or considered withdrawing from their emergency
fund/savings
48% have opened or considered opening a new
investment account
48% have increased or considered increasing their retirement
savings contributions
Generation X
50% have increased or considered increasing their retirement
savings contributions
41% have withdrawn or considered withdrawing from
their emergency fund/savings
39% have delayed or considered delaying
their retirement
Boomers
41% have increased or considered increasing their
retirement savings contributions
37% have delayed or considered delaying
their retirement
23% have retired early or
considered doing so
Source: TD Ameritrade, COVID-19 and Retirement Survey (June 2020)
ON THE MOVE
➜ Mitchell Harris, CEO
of BNY Mellon Investment
Management is retiring,
effective as of October 1.
Hanneke Smits will take
over the role of CEO. Smits
leaves Newton Investment
Management.
➜ Infosys will assume
day-to-day operations
for Vanguard's defined
contribution (DC) plan
recordkeeping business.
Vanguard will oversee all
aspects of its investment
management and guidance
for sponsors and
participants. Both firms
anticipate no freeze or
conversion with the
transition.
➜ Alight Solutions has
named Cesar Jelvez as
chief customer experience
officer. In the newly
created role, Jelvez will
lead Alight's customer
experience and delivery
organization.
➜ ISS ESG has
appointed Bonnie
Saynay to lead global
ESG [environmental,
social and governance]
research. Saynay is the
founder of Global ESG
Advisors and former
global head of responsible
investment at
Invesco Ltd.
planadviser.com July-August 2020 | 7
➜
http://www.planadviser.com
PLANADVISER - July/August 2020

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