Illuminating the “Broad Range” Requirements of ERISA Section 404(c) With the Language of Modern Portfolio Theory Found in the Uniform Prudent Investor Act
Journal of Pension Benefits, Autumn 2005

This article helps in understanding the “broad range” requirement of ERISA Section 404(c) within the context of modern portfolio theory and other notions of financial economics found in the Uniform Prudent Investor Act and the Restatement 3rd of Trusts (Prudent Investor Rule).


A Step Beyond ERISA Section 404 (c): Improving on the Participant-Directed 401(k) Investment Model
Journal of Pension Benefits, Summer 2005

This article proposes an alternative to the participant-directed 401(k) model. That proposal, the non-participant-directed 401(k) plan, helps satisfy two important objectives at once: (1) enhancement of the odds that the retirement investment and saving needs of plan participants will be better met and (2) reduction of the fiduciary responsibilities of plan sponsors.


Public Employee Pension Plan Trusts

This excerpt, from the book The Prudent Investor Act: A Guide to Understanding, compares the text of the 1994 Uniform Prudent Investor Act (UPIA) to that of the 1997 Uniform Management of Public Employee Retirement Systems Act (UMPERSA). The heavy influence of UPIA on UMPERSA (which governs the conduct of fiduciaries of public employee pension plans) is readily apparent from the way in which text from UPIA has been incorporated extensively into UMPERSA.


The Fiduciary Duties of a Registered Investment Advisor
Observations, ComplianceMAX Monthly Advisers Newsletter, May 2006

This article, which discusses the fiduciary duties of a registered investment advisor (RIA) subject to the Investment Advisers Act of 1940, also includes a brief outline of the duties required of an investment broker-dealer subject to the 1934 Securities Exchange Act.


In Indexing We Trust: Passive Investing Appears to be the Standard for Investing and Managing Trust Portfolios
Journal of Indexes, August/September 2004

This article, excerpted from the book, The Prudent Investor Act: A Guide to Understanding, which was authored by one of our advisors, comprehensively reviews the effects that the Uniform Prudent Investor Act and the Restatement 3rd of Trusts (Prudent Investor Rule) have on choosing active or passively-managed investments. The excerpt also takes an in-depth look at the arguments, assumptions and facts relating to the active/passive investment decision.


Index Mutual Funds: The Best Investment Strategy for Complying with the California Uniform Prudent Investor Act
CEB Estate Planning & California Probate Reporter, June 1998

This article explores the reasons why the Uniform Prudent Investor Act, viewed in light of its Restatement 3rd of Trusts (Prudent Investor Rule) antecedents, will generally lead trustees to favor “passive” investment strategies when selecting investments for trusts with long investment time horizons. Trustees that select “active” investment strategies may find it difficult to justify such choices.


Managing Risk vs. Picking Investment Winners
Oklahoma Society of CPAs Biweekly e-Newsletter, Issue 20, September 2004

This article explains how advisors can enhance portfolio wealth more effectively by consciously managing investment risk instead of trying to score big in the random game of identifying investment winners.


Diversifying Risk is the More Dependable Way to Increase Return

This article identifies the problem that all investors face and how best to solve it.


The Critical Difference Between a Stockbroker and Registered Investment Advisor

This article explains the critical difference between the legal investment standard required of a stockbroker and that of a registered investment advisor, and how that can impact investors.