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| Advice as a Fiduciary |
| “I do not provide advisory services to Employee Retirement Income Security Act participants. However, some of my clients ask me about plan distributions and individual retirement account rollovers and investments. Does the Department of Labor’s proposed redefinition of fiduciary investment advice affect me?” Trusted ERISA attorneys Fred Reish and Joan Neri consider the potentially confusing scenario.
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| Effects of the Fiduciary Rule on Independent RIAs |
| You are a registered investment adviser who provides advisory services to retirement plans and participants and to individual retirement accounts. You are not affiliated with a broker/dealer and do not have proprietary products. How does the proposal affect your sales practices?
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| The New Fiduciary Rule and Annuities |
| The Obama Administration views how people draw down their retirement savings to be just as important as encouraging them to save in the first place. Consistent with this view, it is particularly concerned with the risk that retirees will outlive their assets and wishes to mitigate this risk by motivating plan sponsors and participants to annuitize retirement benefits.
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| Fiduciary Rule’s Best Interest Contract Exemption Raises Eyebrows |
| ERISA attorney David Kaleda considers how the DOL intends to affect adviser behavior in the retirement marketplace through a new exemption called the “best interest contract exemption,” or “BIC,” proposed along with the new regulation.
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| Robo Advice, Education and the Fiduciary Rule |
| One of the biggest challenges firms will face in implementing the DOL’s proposal is compliance with the “best interest contract” exemption. However, as proposed, that exemption specifically excludes robo-advice, defined as “investment advice that is generated solely by an interactive website in which computer software-based models or apps provide investment advice to retirement investors based on personal information each investor supplies through the website.”
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