The 2021 finalists of this groundbreaking program will be announced soon online at ThinkAdvisor.com. They'll also be featured in print in Investment Advisor magazine's September and November issues.

The Luminaries awards shine a spotlight on excellence in four key areas by telling the stories of those leading the industry forward in: Diversity & Inclusion, Thought Leadership, Executive Leadership and Dealmaking/Growth.

Today, we're speaking with one of the esteemed judges of the LUMINARIES program: Mark Tibergien. We'll be speaking with more of the VIP judges, as well as some of the LUMINARIES' winners, in a new podcast series that kicks off soon as part of this new recognition program.

Mark Tibergien -- who started his professional life  in journalism, radio and sales -- went on to lead BNY Mellon Pershing's Advisor Services business.

The now retired industry veteran continues to support and participate in exciting programs like the LUMINARIES.

In this episode of Human Capital we talk with David Bellaire, general counsel for the Financial Services Institute in Washington, about FSI's lawsuit against the Labor Department for withdrawing its independent contractor rule.

FSI filed a lawsuit on May 13 against the Labor Department for withdrawing its final independent contractor rule and is now actively lobbying Senators about a legislative remedy.

"I think that there is a deeply held view in the Biden administration that all workers are benefited by being employees rather than independent contractors -- that the protections provided to them are greater and therefore all workers should be employees of their firms," Bellaire said. "Our members would see that very differently. … They chose this model because they want to own their own business, they want to serve clients in the best way they could without interference."

Listen in as Bellaire talks about the lawsuit's timing, how withdrawal of the rule is impacting firms as well as why FSI worries that Labor and the Biden administration may pursue a more stringent independent contractor standard.

In this episode of Human Capital, Ed Slott of Ed Slott & Co. relays important tax advice related to potential changes to the stepped-up basis and estate tax, and also warns that the potential boosting of the required minimum distribution age to 75 is likely "useless," and that lawmakers may actually be "creating a bigger problem" with such a change.

Slott also zeros in on how rollover advice is a central aspect of both the Labor Department's new fiduciary prohibited transaction exemption as well as the SEC's Regulation Best Interest, and warns that advisors need to up their game on their rollovers smarts.

"For advisors, all they need to know, and it's a lot to know, they have to do a better job putting clients' interests first," Slott said. "...There's a lot of money in these 401(k)s, employer plans, and there's big rollover opportunities for advisors….but in all of these they want advisors to use a best interest, a fiduciary-type approach."

Listen is as Schroeder also weighs in on what Gary Gensler's likely arrival as SEC chairman means for Reg BI.

Schroeder also talks about the likelihood of enforcement actions related to Form CRS and more.

Schweiss, former president of TD Ameritrade Trust Company and managing director of advisor advocacy for TD Ameritrade Institutional, talks about FPA's priorities, including boosting FPA's membership.

 "…FPA will continue to deliver content that can not only keep a planner's skills sharp and evolving with the times and with trends but also to provide them that continuing education credit. We just know and acknowledge we aren't the only game in town anymore and that cannot be the reason to belong to FPA."

"…We've got to evolve our value proposition beyond just providing CE and community."

Schweiss also weighs in on the Reddit GameStop incident, the future of the SEC's Regulation Best Interest

What's it about? "The big message is to control the taxes," Slott says.

"We've had lots of tax law changes, but every time something happens it seems to effect retirement accounts more than anything else and that's where most people have most of their savings for retirement – an IRA or 401(k).

"The reason those accounts are most affected is the way they were set up."

Listen in as Slott also explains why he still sees 401(k) plans and IRAs as likely sitting ducks for future tax increases under the Biden administration.

Barr weighs in on the much-anticipated changes to the SEC's custody rule.

"We understand that there's now a dedicated team in the Division of Investment Management that's actively working to update" the custody rule. "We recommended a complete review and rethink of the rule."

Listen in as Barr also talks about why the SEC's changes to the advertising rule are "getting close to the finish line."

"There's a continuing resolution funding the government that only goes through Dec. 11, so there will be some kind of lame duck session."

Millard addresses the bill's chances of passage during the lame-duck session and notes one an area of the bill that he viewed as slightly disappointing.

"It did not do anything about auto-IRAs… (insert @ 3:11) there's 50 million working Americans who have no workplace retirement plan or solution. This bill does encourages small businesses to put 401(k)s in place."

Millard also provides an update on the Butch-Lewis Act and its treatment of multi-employer plans as well as the "inherently struggling" PBGC.

Says Kitces, who's also co-founder of XYPN, "The judges said outright in the ruling that RIAs would be put at a competitive disadvantage compared to the status quo as a result of Regulation Best Interest."

Now, says Kitces, XY Planning Network will shift its focus to pushing for state fiduciary rules in the coming year.

"When at the end of the day the only alternative is a federal regulator that outright says we're willing to harm the RIA community to serve the interests of the broker-dealer community, we don't see that there's really much other choice in how to advance the fiduciary ball down the field."

Kitces also talks about the chances that a Biden administration would overturn Reg BI — or rewrite it — as well as "the fundamentally broken approach" the SEC took with Form CRS.

Kitces also lays out why he's "extremely nervous" about the Charles Schwab-TD Ameritrade deal.

Rhoades unpacks some big questions that he says have yet to be answered concerning the Securities and Exchange Commission's Regulation Best Interest: "Is it going to improve the standard of conduct for brokers?...There's a lot that we don't know about Reg BI."

With Reg BI, says Rhoades: "Basically the SEC is taking this phrase 'best interest,' which has an established legal meaning, and is redefining the English language. The question is: how are they going to redefine it?"

As to the SEC's Form CRS: "It's a travesty."

Rhoades also prognosticates whether the SEC will get rid of 12b-1 fees.

The CBO numbers, according to Slott, show that the three-legged retirement planning stool is shaky, and for clients with a 401(k) plan or IRA, "these plans have not yet been taxed so they're sitting ducks for future higher taxes, and that's exactly what's going to happen" because of the deficit and debt numbers.

Slott maintains: "There's no way taxes are going to decrease, that's for sure" regardless of who wins the White House.

"At some point the debt has to be paid down; it's out of control, it's consuming our entire national output, so that puts most peoples' retirement savings at risk of the uncertainty of what future higher taxes will do."

Slott also talks about the importance of Roth IRA conversions now, provides stretch IRA reminders, and talks about the dangers of excessive trading. 

Morgan, former Senior Trial Counsel in the SEC's Enforcement Division, explains the "fundamental" change under the updated definition that includes qualifications and certifications.

Morgan explains why the changes are coming now, and opines that while the private markets "are not the Wild West," the changes can present potential risks.

Listen in as Anderson also weighs in on why he sees the SEC's Regulation Best Interest as "evolutionary," and "a small step in what will be many steps to drive the industry towards a true fiduciary rule."

Anderson also provides feedback on the SEC's recently updated FAQ on dually registered advisors' use of the terms "advisor" and "adviser," and previews SEI's next white paper on cybersecurity. 

Campbell weighs in on Labor's controversial fiduciary prohibited transaction exemption to align with the Securities and Exchange Commission's Regulation Best Interest, and clarifies a couple "unusual items" that were included in Labor's plan.

Comment letters continued to flood in just before the Aug. 6 comment period on Labor's controversial plan ended Thursday, Aug. 6.

Campbell also talks about an "emerging issue" in litigation involving retirement plans: getting access to participant data, and the data privacy implications. He also clears up some confusion surrounding Labor's ESG proposal.

Duke-Richardet, an original member of the Financial Industry Regulatory Authority's Social Media Task Force, joined Hearsay Systems in late June from Accenture. He has also served in senior compliance roles at RBC Capital Markets, Lehman Brothers, Barclays Capital and Goldman Sachs.

Says Duke-Richardet: "As a former compliance officer at a large global bank, I have seen firsthand that regulatory compliance is one of the most challenging aspects of digital transformation for financial services organizations."

Pushed forward by COVID-19 and Regulation Best Interest, "firms must rapidly adapt to new digital client engagement models, yet time and resources especially in compliance groups are stretched thin."

Listen in as Duke-Richardet talks about the important role compliance plays at Hearsay Systems, which helps financial services firms engage on a number of social media messaging platforms, and also gives a heads-up on some upcoming FINRA guidance.

Stark talks about why the cybersecurity challenges are exacerbated by the COVID-19 work-from-home environment, with ransomware attacks, phishing and business email schemes also on the rise. He also warns, "There are legions of soldiers waking up every morning with the sole desire to attack U.S. systems and exfiltrate important data."

In this episode of Human Capital, we talk with Andy Friedman, founder and principal of The Washington Update. Listen in as Friedman talks about the timing of the next stimulus bill, which is being dubbed CARES 2, and details which tax provisions could likely make it into the package. Friedman also talks about what's "heating up" in U.S.-China relations and where he sees President Trump's battle with governors in reopening the economy ultimately ending up.

Listen in as di Florio also talks about how regulators are deploying technology and data analytics to identify needles in the regulatory haystack and also how the transition from the London Interbank Offered Rate, or Libor, poses a significant compliance risk.