This is my eighth article about interesting observations “hidden” in the fiduciary regulation and the exemptions. The final regulation on fiduciary advice continues, as education, the current practice of providing participants with asset allocation models that are populated with a plan’s designated investment alternatives (DIAs). However, the rule imposes a
This is my seventh article about interesting observations “hidden” in the fiduciary regulation and the exemptions. There are three parts to the best interest standard . . . The prudent person rule. Individualization to the retirement investor’s circumstances. The duty of loyalty. See the three parts below. Interestingly, none of
This is my sixth article about interesting observations “hidden” in the preambles to the fiduciary regulation and the exemptions. In some cases, the concerns about the scope of the fiduciary rule are overblown. For example, there have been some statements that advice about minimum required distributions for IRAs would be
This is my fifth article about interesting observations “hidden” in the preambles to the fiduciary regulation and the exemptions. The Best Interest Contract Exemption (BICE) has a special exemption for “level fee fiduciaries” who recommend to plan participants that they take distributions and rollover to an IRA advised by the
This is my fourth article about interesting observations “hidden” in the preambles to the fiduciary regulation and the exemptions. During a recent webinar for TD Ameritrade, one of the attendees asked if Jim Cramer’s TV stock tips would be considered fiduciary advice. I said that they would not be, since
While you have probably read articles that summarize the DOL’s final fiduciary rule and exemptions—and perhaps even articles that discuss specific aspects of the rules, there are a number of interesting observations “hidden” in the preambles to the regulation and exemptions. In many cases, those comments are so focused on
The DOL’s fiduciary rule has been published in the Federal Register. Based on our review of the regulation and conversations with our clients, here are some overview thoughts about the regulation and the two “distribution” exemptions (84-24 and BICE). The Fiduciary Definition The rule is much as expected. The definition
After my last post, I was asked another question about distributions and rollovers under the DOL’s proposed fiduciary regulation. Here’s the question and my answer: Question: One thing I have heard is that all IRA Rollovers will fall under the DOL ERISA fiduciary standards with this rule. Have you heard
2016 promises to be the year of the fiduciary . . . the fiduciary rule, that is. It now seems certain that we will have a final fiduciary rule in effect by the end of 2016. What will that mean? It will re-write the rules for investment advice and sales
In April, I wrote that the “hot” issues on my desk for the first quarter were: the prospect of the DOL’s fiduciary proposal; allocation of revenue sharing in 401(k) plans; and capturing of rollovers from retirement plans. Those continued to be the top issues in the second quarter. In fact,
Thanks for subscribing to Fred Reish’s industry updates.
New articles and insights will be delivered directly to your inbox.