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| Rollovers Under the Fiduciary Rule |
| ADVISER QUESTION: I’m an adviser who provides investment advice to ERISA plan committees. I also provide wealth management and financial planning services to individuals. Under the final Department of Labor fiduciary rule, will I be able to advise plan participants or wealth management clients about their distribution options under a plan or an individual retirement account?
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| The New Fiduciary Rule Is for Plan Sponsors, Too |
| For IRAs and non-ERISA plans, the standard will need to be reflected in a written contract that will be the basis for a new contract-based legal action by these retirement investors. For ERISA plans or plans served by fiduciaries receiving a level fee, the contract requirement is reduced to providing a written statement of the adviser’s fiduciary status and adherence to the best interest standard.
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| Fee-Only Fiduciaries |
| The DOL points to FINRA guidance as to articulating the meaning of “recommendation,” though it stops short of adopting that definition itself. Further, the final rule allows an adviser to provide “investment education” about distributions and rollovers without being deemed a fiduciary, for providing “investment advice,” but this educational exception may be narrowly interpreted by the DOL or a court.
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| The Latest in Fiduciary Litigation |
| Why the rash of suits? ERISA attorneys speculate the significant attention paid to the U.S. Supreme Court decision last year in Tibble v. Edison has played at least a small part in emboldening these firms to pick up the pace in bringing these lawsuits.
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