DOL FAQs on 408(b)(2) Fiduciary Disclosures This is my 57th 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 and related developments in the securities laws. The Department of Labor has issued a new
Rollovers under the DOL’s Final Rule This is my 42nd 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 and related developments in the securities laws. On April 7, 2017 the DOL issued its
New Rule, Old Rule: What Should Advisers Do Now? This is my 40th 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 and related developments in the securities laws. Now that it seems clear
FINRA Regulatory Notice 13-45: Guidance on Distributions and Rollovers This is my 39th 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 and related developments in the securities laws. Even though the DOL fiduciary
This is my nineteenth article about interesting observations about the fiduciary regulation and the exemptions. In an earlier post (Angles #16), I described how advisers could use the “hire me” approach to explain their services and fees without becoming a fiduciary for that purpose. Generally stated, under that approach, an
This is my thirteenth article about interesting observations “hidden” in the fiduciary regulation and the exemptions. It is not clear under current rules whether “suggesting” investment policies is a fiduciary act. In that vein, it’s also not clear if providing a sample investment policy statement (IPS) is a fiduciary act.
This is my eleventh article about interesting observations “hidden” in the fiduciary regulation and the exemptions. ERISA and the Internal Revenue Code limit compensation for services to plans and IRAs to “reasonable” amounts. Prohibited Transaction Exemption (PTE) 84-24 and the Best Interest Contact Exemption (BICE) also limit compensation to reasonable
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 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 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
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