This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
Key Takeaways -
▪️ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice.
▪️ In FAQ 18, the DOL...more
2/9/2022
/ Annuities ,
Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
PTEs ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
Key Takeaways -
▪️ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice.
▪️ In FAQ 18, the...more
2/3/2022
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Insurance Industry ,
Investment Adviser ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Standard of Care
The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice.
In FAQ 17, the DOL discusses both the implications of payout grids and mitigation techniques to minimize...more
1/26/2022
/ Banks ,
Broker-Dealer ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment Adviser ,
Mitigation ,
Prohibited Transactions ,
Retirement Plan
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more
12/14/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Institutions ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Regulation BI ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more
12/8/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Mitigation ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
Key Takeaways -
◾ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice.
◾ In FAQ 16, the DOL...more
11/30/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more
11/16/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investors ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more
11/9/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Securities and Exchange Commission (SEC)
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This article looks at the Department of Labor’s recent extension of its non-enforcement policy regarding the conditions of Prohibited...more
11/2/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Retirement Plan ,
Standard of Conduct
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
10/19/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investors ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan
On October 13, 2021, the Department of Labor (DOL) released a new proposed regulation under ERISA that would replace the previous administration’s “pecuniary factors” rule – which is widely viewed as discouraging the use of...more
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
10/13/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
PTEs ,
Regulation Best Interest ,
Retirement Plan
The DOL’s new fiduciary “rule” became effective on February 16, 2021. The rule is a combination of a new and expansive definition of fiduciary advice (and status) and an exemption from the prohibitions of ERISA and the...more
10/7/2021
/ Benefit Plan Sponsors ,
Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Investors ,
Plan Participants ,
Prohibited Transactions ,
PTEs ,
Retirement Plan ,
Retirement Plan Providers
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more
9/30/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan
The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation (Part 2) -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles...more
9/21/2021
/ Best Interest Standard ,
Broker-Dealer ,
Compliance ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Securities and Exchange Commission (SEC)
The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation (Part 2) -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles...more
9/15/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Institutions ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Regulation BI ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
When a participant experiences a distribution event (e.g., terminating service with the employer), and when the participant does not affirmatively elect to take the distribution, a plan document may require that an account...more
9/9/2021
/ Benefit Plan Sponsors ,
Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Internal Revenue Code (IRC) ,
Investment ,
IRA Rollovers ,
IRS ,
Missing Plan Participants ,
Retirement Plan ,
Safe Harbors
The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at...more
9/7/2021
/ Best Interest Standard ,
Broker-Dealer ,
Compensation ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The DOL “Fiduciary Rule,” FAQ 14: Disclosure of Conflicts of Interest -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
9/1/2021
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Disclosure ,
Fiduciary ,
Fiduciary Rule ,
Financial Institutions ,
Investment Adviser ,
Investors ,
Prohibited Transactions ,
Retirement Plan Beneficiaries ,
Standard of Conduct
The DOL “Fiduciary Rule,” FAQ 13: Written Acknowledgement of Fiduciary Status -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the...more
8/25/2021
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Institutions ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Regulation BI ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
The DOL’s prohibited transaction exemption (PTE) 2020-02 (Improving Investment Advice for Workers & Retirees) allows investment advisers, broker-dealers, banks, and insurance companies (“financial institutions”), and their...more
The DOL “Fiduciary Rule,” FAQ 11: The Impartial Conduct Standards -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
8/10/2021
/ Best Interest Standard ,
Broker-Dealer ,
Business Conduct Standards ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
The DOL “Fiduciary Rule,” FAQ 10: The PTE Conditions -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions...more
7/27/2021
/ Best Interest Standard ,
Compliance ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs -
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more
7/20/2021
/ Best Interest Standard ,
Broker-Dealer ,
Compensation ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)