Lisa McAlister, former chief accounting officer at the REIT once controlled by Nicholas Schorsch, said Mr. Schorsch instructed Mr. Block to commit accounting fraud in a particular financial line item.
Active managers are struggling in the face of the index-fund craze, fee compression and TDF dominance.
The plaintiff claims roughly 95% of investment options offered in the plan since 2011 were "unduly expensive" proprietary funds that led to less retirement savings for participants.
Many advisers are embracing an exemption they've frequently derided, even though a less-contentious one is available for annuity sales.
The RIA was previously affiliated with Kestra Investment Services.
Some advisory firms are using 81-100 trusts as a way to deliver scalable fiduciary investment services to the small 401(k) market.
The managed payout funds have an optional feature that automatically calculates and distributes an investor's RMD from the account.
Plaintiffs alleged Merrill Lynch didn't apply fee discounts for mutual funds to which some small retirement plans were entitled.
Lawrence M. Thomas refused to appear for testimony in connection with sales of the product.
Firms have trimmed their lineups of investment products, leveled broker compensation and standardized compensation across product lines
