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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.
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02 (Part 16): Mitigation Strategies This series focuses on the DOL’s new fiduciary “rule”. This post is the 16th in a subseries discussing special compliance issues related to the rule. This article looks at compliance with the rule’s mitigation requirements, with particular emphasis on broker-dealers and investment advisers. On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became effective. (Improving Investment Advice for Workers & Retirees) It allows investment advisers, broker-dealers, banks...