Capturing Rollovers: What Information is Needed? This is my 29th article about interesting observations concerning the Department of Labor’s fiduciary rule and exemptions. These articles also cover the DOL’s FAQs interpreting the regulation and exemptions. The Department of Labor’s fiduciary regulation provides that a recommendation to take a distribution from
Reasonable Compensation for IRAs: When and How Long? This is my twenty-sixth article about interesting observations concerning the fiduciary rule and exemptions. This article is a little different than most of my previous posts. However, it is equally as important. To get to the point, I am writing this article
The Meaning of Differential Compensation Based on Neutral Factors This is my twenty-fourth article covering interesting observations about the fiduciary rule and exemptions. The DOL’s fiduciary “package” consists of a regulation that expands the definition of advice and exemptions, or exceptions, from the prohibited transaction (PT) rules. If a recommendation
This is my twenty-third article about interesting observations concerning the fiduciary rule and exemptions. When the definition of fiduciary advice is expanded on April 10, 2017, the investment and insurance recommendations of a much larger group of advisers will be classified as fiduciary advice and will, as a result, increase
This is my twenty-second article about interesting observations concerning the fiduciary rule and exemptions. While the application of the new fiduciary rule and prohibited transaction exemptions to broker dealers and investment advisers is fairly obvious — if not fully understood, there has been little in the way of discussion about
As advisers who work with ERISA-governed retirement plans already know, an adviser’s compensation cannot be more than a reasonable amount. Because of the new fiduciary advice regulation, and the associated prohibited transaction exemptions (84-24 and the Best Interest Contract Exemption (BICE)), that requirement is being imposed on investment and insurance
This is my twelfth article about interesting observations “hidden” in the fiduciary regulation and the exemptions. The DOL has long taken the position that the recommendation of a discretionary investment manager is a fiduciary act. (At least one court has adopted that position – in a case involving investments with
This is my tenth article about interesting observations “hidden” in the fiduciary regulation and the exemptions. When the new fiduciary advice regulation is applicable on April 10, 2017, a recommendation to a participant to take a distribution and rollover to an IRA will be a fiduciary act. It doesn’t matter
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
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
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