4 DOL fiduciary rule compliance considerations

November 30, 2016 by BEN YAHR, JILL PECKINGHAM, JUSTIN SINGER, ERIC WOLFE

Effective April 10, 2017, the Department of Labor’s fiduciary rule will impose a “best interest” standard on advisors and firms making investment recommendations to qualified retirement accounts in the United States.

The DOL rule aligns the definition of best interest to that of a fiduciary under the Employment Retirement Income Security Act (ERISA). The rule defines investment advice to be in the client’s best interest when the advisor and firm “act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use … .”

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Originally Posted at LifeHealthPro on November 30, 2016 by BEN YAHR, JILL PECKINGHAM, JUSTIN SINGER, ERIC WOLFE.