Doubleheader – Washington Update and DOL Proposed Fiduciary Rule
in the Virtual Learning Center
Presenters: Jeff Bush and Eugene Maloney
The objective of this presentation is to provide an overview of the political environment, prospective legislation and strategies for investment, wealth transfer and retirement planning. Jeff Bush will provide insight on the upcoming election, congress, fiscal issues, tax reform and the DOL fiduciary rules. He will teach advisors strategies to use to take advantage of (or protect against) market volatility and upcoming legislation.
By the end of the session, attendees will:
- Gain an understanding of the current economic conditions and political environment
- Realize the changes regarding fiscal issues, tax reform and the DOL fiduciary rules
- Learn how to implement investment strategies to deal with increased effective tax rate exposure
On April 6, 2016, the Department of Labor (DOL) released its new fiduciary rule, creating a fiduciary standard under ERISA and the tax code. The rule is sweeping in its scope and applies to broker-dealers and advisers who provide advice regarding IRA rollovers and investments. Mr. Maloney will explain the new paradigm created by the fiduciary rule from the DOL and what these changes mean for broker-dealers and advisers.
By the end of the session, attendees will:
- The definition of a “fiduciary”
- The importance of the Uniform Prudent Investor Act and its application under the proposed rule
- The obligations and duties of a fiduciary
- The changes to their business models in the future
The Washington Update
Jeff Bush Dynamic. Informative. Insightful. Thought Provoking. Passionate. Timely. Impartial. These are some of the words used to describe Jeff Bush’s unique ability to decode difficult and confusing tax and fiscal information coming out of Washington. He simplifies this information for his audience and provides practical and usable takeaways that they can implement in their businesses.
Jeff is, as colleague of Andy Friedman and an integral part of The Washington Update, the industry thought leader that guides domestic clients through the complex and ever-changing political and tax environment and helps international audiences understand United States politics. Jeff does more than 200 presentations yearly in the US and abroad to a client base that includes Merrill Lynch, Morgan Stanley Smith Barney, Fred Alger & Company, Edward Jones, Ameriprise Financial, LPL, Raymond James, Sun Trust, US Trust, Eaton Vance, Prudential, Transamerica MetLife, and Lincoln Financial Group and many others.
While best known as a keynote speaker, Jeff has been included on panels alongside many notable presenters. Jeff has also been featured in Investment News and has been an analyst on POTUS Sirius/XM radio.
Jeff is a 28-year veteran of the financial industry. During a 10-year career at Merrill Lynch he was responsible for serving 7,500 financial advisors in the western United States by providing creative investment strategies and effective risk mitigation approaches. By the end of his career on Wall Street, he was managing a $50+ billion business. Before that, Jeff was the youngest managing partner in the 150-year history of New England Financial, an investment and tax risk consulting firm. He began his career at Principal Financial Group, where he handled complex underwriting issues before moving into the areas of research and development. Jeff is the recipient of numerous national awards for his leadership, sales and business growth and just recently published his first book.
An Eagle Scout, Jeff holds a Bachelor of Science degree in Business Administration/Management with emphasis in accounting and philosophy from William Jewell College. A licensed pilot, he was a founding member of the Tulsa Air and Space Museum where he served on the board of directors and as vice president of education.
Executive Vice President, Corporate Counsel - Federated Investors, Inc.
Eugene Maloney is Executive Vice President and Corporate Counsel of Federated Investors, Inc., a member of the Executive Committee, and has been employed by the firm for forty-four years.
Through Mr. Maloney’s efforts, Federated Investors is responsible for virtually all state legislation permitting public entities to use money market funds to manage their liquidity. Eugene was a member of the Board of Directors of the Foundation for Fiduciary Studies and was appointed by the U.S. House of Representatives and Senate as a member of the Industry Sector Working Group on Financial Services. For 26 years, Eugene was an instructor in trust and securities law at Boston University School of Law, has been a visiting instructor at the Federal Financial Institutions Examination Council and the American Bankers Association’s National Graduate Trust School at Northwestern University, and participates in programs leading to the designation of Certified Trust and Financial Advisor. Mr. Maloney has also served as an expert witness in both judicial and legislative settings on matters relating to fiduciary compensation, will construction, and prudent investing. Mr. Maloney is a member of the Advisory Board for the David Berg Center for Leadership and Ethics at the Katz Graduate School of Business, University of Pittsburgh.
Mr. Maloney has appeared as a speaker at state bankers association meetings on the following subjects: the Gramm-Leach-Bliley Act and Regulation R, the deregulation of the financial services industry, the Uniform Prudent Investor Act and the investment management process it contemplates, fiduciary compensation, revisions to Regulation Q, pension reform and asset allocation as a means of optimizing return and minimizing risk, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the emerging trends in litigation risk in the wealth management industry as a product of the intergenerational transfer of wealth.
Eugene has authored and co-authored a number of articles appearing in various financial and legal publications regarding the investment responsibilities of corporate fiduciaries. He has also been the architect of various educational videos and memoranda having to do with the Uniform Prudent Investor Act, including the retention of underperforming assets and the component of cost as factors in prudent investment decisions, the implications for trust banks of functional regulation under the Gramm-Leach-Bliley Act, asset allocation in a trust context, the prudence of international investing, fiduciary compensation, and the propriety of a corporate fiduciary utilizing a mutual fund to which it provides discrete services.
In February, 2011, Eugene Maloney was honored by the Trust Education Foundation, which established and funded the Eugene Maloney Trust Scholarship at Campbell University in North Carolina. In April, 2013, Gene received the Fiduciary of the Year Award from fi360 at their annual conference; fi360 is one of the top fiduciary oversight groups in the United States, and they are responsible for implementing the AIF (Accredited Investment Fiduciary) designation.
Mr. Maloney received his B.A. from Holy Cross College in Worcester, Massachusetts, and his J.D. from Fordham Law School in New York City. He attended Wharton School of the University of Pennsylvania focusing on the financial management of commercial banks. He was an officer in the United States Army from 1969 to 1972 and served as an infantry officer for one year in the Republic of Vietnam.