Tag: Fiduciary adviser

Many do not know if their adviser is technically a broker/dealer or an adviser, Personal Capital learned in a survey.

Noting that they believe a more viable customer relationship summary (CRS) form can still be developed by the SEC as part of its Regulation Best Interest proposal, a group of retiree and investor advocacy organizations has published a report calling the draft CRS form misleading and unhelpful.

Advisers interested in participating are called on to submit info electronically.

With the judicial defeat of the Obama-era DOL fiduciary rule hanging in the air, individual states are moving to establish their own best interest regulations for the sale and service of investment products; attorneys warn that more piecemeal regulation is likely, as are lawsuits to test some complex ERISA preemption issues.

After siding with defendants and applying the shorter of two potential limitations periods, the district court decision states clearly that plaintiff’s claims are foreclosed by ERISA's three-year statute of limitations; the detailed decision tackles head-on a complex set of precedent-setting cases, including Tibble vs. Edison. 

While the deadline had already technically passed for the DOL to appeal the circuit court ruling vacating its fiduciary rule reforms, this highly anticipated move by the court is truly the end of an era.

It consists of six live, web-based training sessions conducted over a three-month period.

It offers advisers prospecting tools, plan management resources, including fiduciary support, and educational materials.

Backing away from the topic of the DOL fiduciary rule, ERISA attorney Fred Reish focused his speech at the Plan Sponsor Council of America’s national conference on general compliance duties of ERISA plan sponsors; he noted that courts have applied what is called the “two hats” doctrine.

Anticipating the DOL will not itself ask the 5th U.S. Circuit Court of Appeals to reconsider a crucial mid-March panel ruling that vacated the Obama-era fiduciary rule expansion, attorneys general and retiree advocacy organizations are speaking out, asking the full appellate court to reassess its decision.

The solution is aimed at helping advisers and home offices realize better efficiencies and increase transparency in retirement plan management.

Nearly a month after an appellate court unexpectedly quashed the DOL fiduciary rule expansion, the Securities and Exchange Commission has announced a date and time for its first formal meeting on the topic.

The Certified Financial Planner Board of Standards has adopted a revised ethics code that requires a CFP professional to act as a fiduciary in all client service contexts, and therefore, to act in the best interests of the client at all times when providing financial advice.

Advisers generally are not qualified to represent their clients before the IRS, and so they generally must shy away from offering tax advice; but that doesn’t mean they can afford to ignore the broad or specific implications of recent tax reforms for their clients.