Effective February 16, 2021, the DOL announced an expanded definition of fiduciary advice which will cause many RIA services, that were previously considered non-fiduciary under ERISA and the Internal Revenue Code, to be subject to a fiduciary and best interest standard of conduct and the prohibited transaction rules for fiduciary advice. To address the prohibited transaction consequences, the DOL also issued prohibited transaction exemption (PTE) 2020-02 that imposes a standard of conduct, disclosure obligations, mitigation requirements, policy and procedure requirements and more.
Join us for a lively discussion regarding the DOL’s recently issued Frequently Asked Questions (FAQs) and the processes, policies and procedures RIAs should put in place now to address these issues:
- The standard of conduct under the PTE
- Fiduciary requirements for a rollover recommendation
- Rollover advice and what steps RIAs need to take to avoid a prohibited transaction
- Mitigation of conflicts of interest
- Disclosure considerations
Questions? Please contact Heather Sanders or call +1 215 988 1127.