The New Fiduciary Rule (35): The Education Exception
Key Takeaways The DOL’s final regulation defining non-discretionary fiduciary advice will be effective on September 23 of this year. If a conflicted fiduciary recommendation is made, the requirements (called “conditions”) of PTEs 2020-02 and 84-24 will need to be satisfied in order to retain any compensation resulting from the recommendation. However, absent a fiduciary recommendation, […]
The New Fiduciary Rule (24): The DOL Fiduciary Rule Requires a Recommendation. What is That?
In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans, participants (including rollovers), and IRAs (including transfers). On March 8, 2024, the DOL sent the final rule to the Office of […]
The New Fiduciary Rule (8): Special Issues—Robo Advice and Investment Education
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including rollovers), and IRAs (including transfers). Key Takeaways The Department of Labor’s proposed regulation defining fiduciary investment and insurance advice to private sector […]
The SECURE Act 2.0: The Most Impactful Provisions #10 — Moving 529 Assets to a Roth IRA
Key Takeaways Prior to the SECURE Act 2.0, if a 529 plan beneficiary did not use all of the funds for qualified education expenses (for example, the beneficiary graduated without using all of the funds in the 529), the options for withdrawal were not particularly attractive. However, under the new law, those “excess’ funds can […]
Best Interest Standard of Care for Advisors #17
Regulation Best Interest: Education vs. Recommendation (Rollovers Part 3) The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Regulation, RIA Interpretation and Solely Incidental Interpretation. I am discussing the SEC’s guidance in a series of articles entitled “Best Interest Standard of Care for Advisors.” In my last post, Best Interest for […]
Best Interest Standard of Care for Advisors #16
Regulation Best Interest: Education vs. Recommendation (Rollovers Part 2) The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Regulation, RIA Interpretation and Solely Incidental Interpretation. I am discussing the SEC’s guidance in a series of articles entitled “Best Interest Standard of Care for Advisors.” In my last post, Best Interest for […]