Philip Chao in Investment News Article on Fidelity Wanting to Own the Workplace

In order to remain viable, a financial services company must remain relevant. In order to remain profitable, a financial services company must find ways to combat shrinking margins by gaining more...


Philip Chao in Investment News Article on Principal Acquisition of Wells

The purchase of Wells Fargo retirement business by Principal is a sign of the shrinking recordkeeping industry. Fee compression is a major force and has direct impact on profitability. Thus, size...


Philip Chao Commentary quoted in Iris.com - How Will Asset Managers Find Ways to Distribute Going Forward?

For some time now, I have been contemplating the distribution path for asset managers in a shrinking (too many players in a changing demographic and low return world) marketplace under significant...


The FOMC is Reviewing its Toolbox of Policy Goodies

On February 22, 2019, Richard Clarida, Vice Chair of the Board of Governors, at the U.S. Monetary Policy Forum , stated that a review of the current Federal Reserve’s monetary policy framework and...


Wong, et al vs. Fidelity – Finding New Ways to Get Revenue

In its thirst to maintain and grow assets under administration in an increasingly competitive and dwindling fee environment, a recordkeeper must find a balance between the services it offers and the...


A Reflection on the 8th Circuit Appeal Court's Decision to Dismiss Fiduciary Claims Against American Century

On June 30, 2016, a class action complaint  was filed by Steve Wadman, et al (Plaintiffs), against American Century (Defendants).  On January 23, 2019, Chief Judge Greg Kays, issued a finding of...


Philip Chao is Quoted in Fund Intelligence Article on BlackRock & Microsoft Partnering on Workplace Platform and Guaranteed Income Products

Philip Chao is quoted in the “BlackRock, Microsoft partner on workplace platform: Guaranteed income products planned”  Fund Intelligence article. Click here to read the full article.


Behind the Headline - R Star in Three Acts

There has been a great deal of uncertainty and anxiety pertaining to the number of Fed rate hikes remaining now that they have completed eight 25bp hikes since December 2015. We took recent public...


Philip Chao in Investment News Article on the Annuity and Mutual Fund Interests at Odds over 401(k) Disclosures

Now that the last DOL fiduciary rule fight is over, financial product purveyors are elbowing each other for dominance in the retirement income space in and out of the employer sponsor retirement plan...


Philip Chao's Article "The Unintended Fiduciary Consequence of Fee Compression" Featured in InvestmentNews Article

ERISA was enacted in September 1974. The SEC abolished fixed-rate commissions on trading in May 1975. These were the twin fire-starters of fee compression, and the flame continues to burn today. Click...