Fred Reish Quoted in Investment News Regarding RIAs Preparation for DOL Fiduciary Rule

Los Angeles partner Fred Reish was quoted in an Investment News article titled, “RIAs have been slow to prepare for the DOL fiduciary rule.” The article discusses registered investment advisers (RIAs) who are aware of the compliance requirements for the DOL fiduciary rule deadline, but who may not necessarily be preparing for them.

Many believe that the rule does not affect them at all or that because they already have the client’s best interest at heart, that will suffice. “RIAs are watching the developments rather than making changes,” Fred said.

The article also highlights that accepting gifts or other payments related to investment products are not allowed if RIAs want to maintain their level-fee status. “We see a fair number of RIAs who don’t understand that and are inadvertently violating the law,” Fred said.