The new rules pose significant risks and impose costs, both in terms of potential lost revenue and costs of compliance with complex new requirements.
The new rules pose significant risks and impose substantial new costs, but the regulations’ implementation has been partially delayed and the DOL is under pressure to revise the new rules.
In 2016 the U.S. Department of Labor promulgated new rules regarding the fiduciary status of individuals and firms who advise plan sponsors and participants regarding 401(k) and other retirement plan investments, including IRAs, and who sells investments to retirement plans. For advisors, the new rules pose significant risks and impose costs, both in terms of potential lost revenue and costs of compliance with complex new requirements. While the new rules have so far survived the criticism of many in the advisor community as well as the changeover of personnel at the DOL and in the administration, their effective date has been partially delayed and efforts have been renewed by various lobbying groups to change them before they go fully into effect. This topic will give you a thorough grounding in the requirements of the new rules, the emerging best practices to compete in the new regulatory environment, and the remaining uncertainties.
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