E&O Briefing - April 2021
Powered By The Uhl Agency
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Team Member Spotlight:
Joe Bolek
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Joe provides peace of mind for a wide array of financial institutions by tailoring an insurance package to fit their unique needs. He empowers them to do what they do best - take care of their clients. Upon graduating from the University of Dayton as a business economics major, Joe started as an intern in 2016 before becoming a full-time member and producer for The Uhl Agency’s Financial Institutions Insurance Team in 2017. Joe has played a role in finding the most optimal insurance solution for over 150 different RIAs, BD’s, & Hybrid shops ranging from startups to firms with up to $7B in AUM. Congratulations, Joe, on all of your success!
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There are now 41,569 Registered Investment Advisors (RIA’s). Just 5 short years ago there were 32,686 (RIA’s). This is a growth of almost 27%.
Of the 41,569 RIA firms, here is how much they manage in AUM:
Over 100 Million 13,004 (top 31.3%)
Over 300 Million 8,106 (top 19.5%)
Over 500 Million 6,263 (top 15.1%)
Over 1 Billion 4,282 (top10.3%)
Over 5 Billion 1,611 (top 3.9%)
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About Our New ERISA Bond Program
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The Uhl Agency now writes over 275 financial institutions across the country. We are continuing to be persistent in putting numerous resources into this growing part of our business, and continue to see much success. As a result, we are excited to announce our new website, erisabondsforless.com, a one-stop-shop for all things related to ERISA Fiduciary Fidelity Bonds.
This new website provides plenty of information on our national ERISA Fiduciary Fidelity Bond program, including what the bonds cover, how much coverage is needed, and information on our insurance company partners. You'll also be able to learn a little more about our team as well as the the process to get a quote, which is quickly done after completing a very simple and short application and providing a list of the plans you need covered.
Our platform of insurance companies for our ERISA Fiduciary Fidelity Bond Program carry at least an "A" (Excellent) rating by A.M. Best, the world's oldest and most authoritative insurance rating and information service.
Please visit erisabondsforless.com to learn how you can purchase ERISA Fiduciary Fidelity Bonds for much less than what you're paying right now!
These bonds address section 412 of the Department of Labor.
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Sample Claims:
Trading Error
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An RIA in the Midwest unintentionally sold out of 7,300 shares (22,000 share total position) of Microsoft and was considered a legacy stock position. The sale of these shares created a large capital gain tax situation for their client. This triggered a realized capital gain of over $1,000,000.
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Your Financial Institution Team:
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Jon Kreusch
Executive Vice President / Principal
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Joe Bolek
Agent
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Rachel Irwin, CISR
Account Manager
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Marc McNulty, CIC, CRM
Chief Operating Officer / Principal
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Please respond to this email or give us a call with the best time of year to follow up.
Thank you for the opportunity!
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