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Best Rollover Practices For Advisors To Avoid Triggering DOL Ire
Financial Advisor; October 19, 2017
With so much still up in the air, “focus on what we do know the Department of Labor is expecting from anyone doing 401(k) rollovers,” Steven Niehoff, chief operating officer of the Pension Resource Institute, told attendees at the National Society of Compliance Professionals annual conference in Washington, D.C.
That means paying particular attention to the requirements of the DOL’s fiduciary rule that did go live June 9 -- the new fiduciary standard and the need for advisors to comply with impartial conduct standards. However, the full requirements of the rule won't go into effect before January 1, and could be delayed.
Advisors and reps who want to roll over client accounts from a 401(k) into an IRA should pay particular attention to documenting:
- Who the client is.
- What their goals are.
- A comparison of each client’s existing plan to the IRA rollover recommendation.