401(k) Specialist Issue 4 - 2016 - 12
401(k) FIDUCIARY FILE
You Ain't Kidding ...
" Our initial focus has been, and remains, broad
compliance with the rule. If you have questions
about it, come and talk to us. It's always better
to get an answer straight from the source than
to drive ahead with processes or practices that
may run afoul of the law. "
- Phyllis Borzi, chief cheerleader for the DOL's Conflict of Interest (meaning 401(k) fiduciary) Rule,
upon the release of an FAQ in October.
They Still Got Brady:
Mass Advisors Bomb
Fiduciary Test
NOT THAT WE BLAME THEM, but a recent survey from the Massachusetts
Securities Division finds most advisors aren't sure of how
the 401(k) fiduciary rule will impact their business, or their obligations
to clients.
The survey, conducted by an office overseen by Secretary of State
William Galvin, " suggests that Massachusetts-registered investment
advisers are unaware that the fiduciary rule holds all advisers providing
advice to Retirement Investors to an ERISA standard. "
Findings also show that " Massachusetts-registered investment
[advisers] are largely unaware of the impact the fiduciary rule will
have on their obligations to Retirement Investors. "
As the survey noted, under the DOL's Conflict of Interest Rule:
1. Fiduciaries must act in the best interests of their clients, manage
plan assets prudently, and avoid conflicts of interest; and
2. Fiduciaries are prohibited from self-dealing, representing
interests that are adverse to the interests of a retirement investor,
and from receiving compensation from a third party with
respect to advice given on retirement accounts.
" The BIC Exemption, however, allows receipt of otherwise prohibited
compensation for advice involving retirement accounts if one adheres
to certain contract requirements and standards, " according to
the survey. " The results helped the Division identify areas for
training for Massachusetts registered investment advisers. "
ONLINE
EXTRA
12 ISSUE 4 2016 | 401kSpecialistmag.com
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401(k) Specialist Issue 4 - 2016
Table of Contents for the Digital Edition of 401(k) Specialist Issue 4 - 2016
Table of Contents
401(k) Specialist Issue 4 - 2016 - Cover1
401(k) Specialist Issue 4 - 2016 - Table of Contents
401(k) Specialist Issue 4 - 2016 - 1
401(k) Specialist Issue 4 - 2016 - 2
401(k) Specialist Issue 4 - 2016 - 3
401(k) Specialist Issue 4 - 2016 - 4
401(k) Specialist Issue 4 - 2016 - 5
401(k) Specialist Issue 4 - 2016 - 6
401(k) Specialist Issue 4 - 2016 - 7
401(k) Specialist Issue 4 - 2016 - 8
401(k) Specialist Issue 4 - 2016 - 9
401(k) Specialist Issue 4 - 2016 - 10
401(k) Specialist Issue 4 - 2016 - 11
401(k) Specialist Issue 4 - 2016 - 12
401(k) Specialist Issue 4 - 2016 - 13
401(k) Specialist Issue 4 - 2016 - 14
401(k) Specialist Issue 4 - 2016 - 15
401(k) Specialist Issue 4 - 2016 - 16
401(k) Specialist Issue 4 - 2016 - 17
401(k) Specialist Issue 4 - 2016 - 18
401(k) Specialist Issue 4 - 2016 - 19
401(k) Specialist Issue 4 - 2016 - 20
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401(k) Specialist Issue 4 - 2016 - 28
401(k) Specialist Issue 4 - 2016 - 29
401(k) Specialist Issue 4 - 2016 - 30
401(k) Specialist Issue 4 - 2016 - 31
401(k) Specialist Issue 4 - 2016 - 32
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401(k) Specialist Issue 4 - 2016 - 34
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401(k) Specialist Issue 4 - 2016 - 36
401(k) Specialist Issue 4 - 2016 - 37
401(k) Specialist Issue 4 - 2016 - 38
401(k) Specialist Issue 4 - 2016 - 39
401(k) Specialist Issue 4 - 2016 - 40
401(k) Specialist Issue 4 - 2016 - 41
401(k) Specialist Issue 4 - 2016 - 42
401(k) Specialist Issue 4 - 2016 - 43
401(k) Specialist Issue 4 - 2016 - 44
401(k) Specialist Issue 4 - 2016 - Cover3
401(k) Specialist Issue 4 - 2016 - Cover4
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