When Advisers Tout Their Own Services
By Fred Reish and Joan M. Neri
Fred Reish and Joan Neri co-authored an article for PlanAdviser on how the DOL fiduciary rule affects the ability of plan advisers to engage in self-promotion. The article explains that plan advisers can tout the value of their services and educate prospective clients without becoming fiduciary advisers under the DOL rule. However, when a plan adviser recommends a specific investment, an investment strategy or a particular type of account that results in compensation to the adviser or his/her firm, the plan adviser is engaging in a fiduciary act.
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