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 recommendations to retirement plans,...more
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 recommendations to retirement plans,...more
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 recommendations to retirement plans,...more
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 recommendations to retirement plans,...more
1/23/2024
/ Broker-Dealer ,
Compensation ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Incentives ,
Investment ,
Investment Adviser ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
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 recommendations to retirement plans,...more
1/17/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
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 recommendations to retirement plans,...more
1/9/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan
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 recommendations to retirement plans,...more
1/3/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
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 recommendations to retirement plans,...more
12/18/2023
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs
The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
12/13/2023
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulatory Reform ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
12/11/2023
/ Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Insurance Industry ,
Investment ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
Proposed Regulation ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
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...more
12/4/2023
/ Department of Labor (DOL) ,
Employee Benefits ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Prohibited Transactions ,
Proposed Regulation ,
PTEs ,
Retirement ,
Retirement Plan ,
Robo-Advisors
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...more
11/29/2023
/ Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
PTEs ,
Regulation Best Interest ,
Regulatory Reform ,
Retirement Plan
The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
11/20/2023
/ Comment Period ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Prohibited Transactions ,
PTEs ,
Registered Investment Advisors ,
Regulatory Agenda ,
Retirement Plan
The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
11/13/2023
/ Annuities ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
New Regulations ,
New Rules ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda
The US 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...more
11/8/2023
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan
The US 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...more
11/3/2023
/ Banks ,
Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investment Management ,
Investment Trust Companies ,
IRA Rollovers ,
New Rules ,
PTEs ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan
UPDATE: On August 8, I posted this blog article in contemplation of the DOL sending a new fiduciary proposal package to the Office of Management & Budget (OMB) in the White House. One month later, to the day, the receipt of...more
9/26/2023
/ Annuities ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
New Regulations ,
New Rules ,
OMB ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda
The DOL has not appealed the decision in the Florida Federal District Court that vacated its fiduciary “re-interpretation.” That re-interpretation, in effect, said that ongoing investment advice to a rollover IRA could be...more
8/8/2023
/ Annuities ,
Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
OMB ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
Let’s take a break from my SECURE 2.0 series of articles to discuss what is going on with the DOL’s fiduciary rule.
As background, in the preamble to Prohibited Transaction Exemption (PTE) 2020-02, the DOL re-interpreted...more
In 2020, the Department of Labor (DOL) issued its Prohibited Transaction Exemption (PTE) 2020-02 to provide an exemption to most prohibited transactions resulting from nondiscretionary fiduciary advice to retirement plans...more
5/30/2023
/ Appeals ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Florida ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRA Rollovers ,
IRS ,
PTEs ,
Retirement Plan ,
State and Local Government
The current DOL fiduciary rule says that a broker-dealer and its registered representatives (advisors) are fiduciaries to a plan under ERISA if a functional 5-part test is satisfied. This same 5-part test applies to...more
2/22/2023
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
IRA Rollovers ,
Proposed Amendments ,
Proposed Regulation ,
PTEs ,
Regulatory Agenda ,
Retirement Plan
Now that 2022 is behind us, the final steps in compliance with PTE 2020-02 must be satisfied. Those steps are (i) conducting the annual retrospective review and the resulting report (within six months) and (ii) correcting any...more
The SEC and the DOL have separately issued guidance on rollover recommendations – however, a close examination indicates that the guidance by both agencies is very similar. The SEC’s guidance for broker-dealers is in...more
There appear to be conflicting views of whether an investment adviser’s duty of care can be satisfied by disclosures that satisfy the duty of loyalty. That is, if an adviser discloses the receipt of additional compensation...more
9/27/2022
/ Best Interest Standard ,
Department of Labor (DOL) ,
Duty of Loyalty ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Investment ,
Investment Adviser ,
Prohibited Transactions ,
PTEs ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Standard of Care ,
Standard of Conduct
The DOL expanded its interpretation of fiduciary advice in the Preamble to PTE 2020-02 and as a result, many more broker-dealers and their registered representatives (investment professionals) are fiduciaries for their...more
9/13/2022
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Fiduciary Rule ,
Investment ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Registered Investment Advisors ,
Self-Correction Programs ,
Standard of Care