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On August 29, 2023, the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation...
Does combining a recommendation to take a rollover from a retirement plan with post-rollover advice mean that advice is being provided on a “regular basis” under the Department of...
The Department of Labor considers a rollover recommendation to be a recommendation to liquidate the investments in a participant’s 401(k) account or to transfer (and change) securities....
The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for...
The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for...
There’s never a lack of stories about advisors and the advice they offer. As in other years, 2021 was replete with predictions and proclamations about financial direction.
Advisors must be in compliance with the new Department of Labor investment advice rule by the end of January. The impact on rollover business is significant.
In the Investment Advice PTE, effective since Feb. 16, 2021, the DOL announced that most recommendations to make a rollover are considered fiduciary investment advice.