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How the fiduciary rule is affecting 401(k) rollovers
Employee Benefit News; August 04 2016, 7:40pm EDT
The Department of Labor’s controversial fiduciary rule has left retirement plan recordkeepers and asset managers in a quandary over how to handle 401(k) rollovers when participants retire or change jobs.
“The fiduciary rule will change the dynamics of the rollover market, and the plan providers’ response is very much a work in progress,” says Matthew Drinkwater, assistant vice president of the LIMRA Retirement Institute. In a recent survey of plan providers by the Institute, 75% report they expect to change how they field calls from defined contribution plan participants with questions about their distribution options.
Vestmark DoL Poll Reveals Financial Institutions and Advisors Feel Most Behind on Technology, Advisor Compensation
WAKEFIELD, MA -- (Marketwired -- August 04, 2016) -- Vestmark, a leading innovator of advisory solutions and wealth management technology, today released poll results captured during their recent webinar exploring the impact of the Department of Labor's (DoL) fiduciary ruling. These results highlight the different hurdles financial firms must overcome as the industry moves toward implementation.
The DoL ruling announced in April will be rolled out in phases, requiring firms to become fully compliant by January 1, 2018. Implications of the ruling are shaking up the financial services industry, affecting nearly $20 trillion in U.S. retirement assets. Financial advisors and investment managers must soon meet the DoL's fiduciary requirements across all IRA accounts, regardless of size otherwise they need to eliminate their services to these accounts.