Fred Reish at Faegre Drinker Biddle & Reath LLP

The New DOL Fiduciary “Rule” For Investment Advisers and Broker-Dealers and the December 20 Deadline: The Time to Act is Now

The DOL’s new fiduciary “rule” became effective on February 16, 2021. The rule is a combination of a new and expansive definition of fiduciary advice (and status) and an exemption from the prohibitions of ERISA and the...more

10/7/2021 / Benefit Plan Sponsors , Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Employee Benefits , Employee Retirement Income Security Act (ERISA) , Exemptions , Fiduciary Rule , Financial Institutions , Individual Retirement Account (IRA) , Investment Adviser , Investors , Plan Participants , Prohibited Transactions , PTEs , Retirement Plan , Retirement Plan Providers

Best Interest Standard of Care for Advisors #68: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation...

This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more

9/30/2021 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Financial Institutions , Individual Retirement Account (IRA) , Investment Adviser , Prohibited Transactions , PTEs , Regulation Best Interest , Retirement Plan

Best Interest Standard of Care for Advisors #67: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation (Part 2) - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles...more

9/21/2021 / Best Interest Standard , Broker-Dealer , Compliance , Department of Labor (DOL) , Fiduciary Duty , Financial Services Industry , Individual Retirement Account (IRA) , Investment , Investment Adviser , IRA Rollovers , Prohibited Transactions , PTEs , Securities and Exchange Commission (SEC)

Interest Standard of Care for Advisors #66: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation (Part...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation (Part 2) - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles...more

9/15/2021 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Fiduciary Rule , Financial Institutions , Investment Adviser , Investment Management , Prohibited Transactions , PTEs , Regulation Best Interest , Regulation BI , Retirement Plan , Securities and Exchange Commission (SEC) , Standard of Conduct

Forced Rollovers of Small Retirement Account Balances: What to Do with Missing Participants

When a participant experiences a distribution event (e.g., terminating service with the employer), and when the participant does not affirmatively elect to take the distribution, a plan document may require that an account...more

9/9/2021 / Benefit Plan Sponsors , Department of Labor (DOL) , EBSA , Employee Benefits , Employee Retirement Income Security Act (ERISA) , Fiduciary , Internal Revenue Code (IRC) , Investment , IRA Rollovers , IRS , Missing Plan Participants , Retirement Plan , Safe Harbors

Best Interest Standard of Care for Advisors #65: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at...more

9/7/2021 / Best Interest Standard , Broker-Dealer , Compensation , Department of Labor (DOL) , Fiduciary Duty , Financial Institutions , Individual Retirement Account (IRA) , Investment Adviser , Prohibited Transactions , PTEs , Regulation Best Interest , Retirement Plan , Securities and Exchange Commission (SEC)

Best Interest Standard of Care for Advisors #64: Compliance with PTE 2020-02: Disclosure of Conflicts of Interest

The DOL “Fiduciary Rule,” FAQ 14: Disclosure of Conflicts of Interest - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

9/1/2021 / Best Interest Standard , Broker-Dealer , Conflicts of Interest , Department of Labor (DOL) , Disclosure , Fiduciary , Fiduciary Rule , Financial Institutions , Investment Adviser , Investors , Prohibited Transactions , Retirement Plan Beneficiaries , Standard of Conduct

Best Interest Standard of Care for Advisors #63: Compliance with PTE 2020-02: Acknowledgement of Fiduciary Status

The DOL “Fiduciary Rule,” FAQ 13: Written Acknowledgement of Fiduciary Status - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the...more

8/25/2021 / Best Interest Standard , Broker-Dealer , Department of Labor (DOL) , Fiduciary Duty , Fiduciary Rule , Financial Institutions , Investment Adviser , Investment Management , Prohibited Transactions , PTEs , Regulation Best Interest , Regulation BI , Retirement Plan , Securities and Exchange Commission (SEC) , Standard of Conduct

Best Interest Standard of Care for Advisors #62: Compliance with PTE 2020-02: Conflicted Compensation

The DOL’s prohibited transaction exemption (PTE) 2020-02 (Improving Investment Advice for Workers & Retirees) allows investment advisers, broker-dealers, banks, and insurance companies (“financial institutions”), and their...more

8/17/2021 / Department of Labor (DOL) , Financial Institutions , Individual Retirement Account (IRA) , New Rules , Prohibited Transactions , Standard of Care

Best Interest Standard of Care for Advisors #61: Interim Compliance with PTE 2020-02: The Impartial Conduct Standards

The DOL “Fiduciary Rule,” FAQ 11: The Impartial Conduct Standards - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

8/10/2021 / Best Interest Standard , Broker-Dealer , Business Conduct Standards , Department of Labor (DOL) , Employee Retirement Income Security Act (ERISA) , Fiduciary Duty , Financial Institutions , Individual Retirement Account (IRA) , Investment Adviser , Investment Management , Prohibited Transactions , PTEs , Retirement Plan

Best Interest Standard #60: Compliance with PTE 2020-02

The DOL “Fiduciary Rule,” FAQ 10: The PTE Conditions - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions...more

7/27/2021 / Best Interest Standard , Compliance , Department of Labor (DOL) , Fiduciary Duty , Financial Institutions , Individual Retirement Account (IRA) , Investment Adviser , Prohibited Transactions , PTEs , Regulation Best Interest , Retirement Plan , Securities and Exchange Commission (SEC)