Financial Services ERISA Team Client Alert Featured in BenefitsPro

Los Angeles partner Fred Reish was quoted in a BenefitsPRO article titled, “What advisors need to know now about the fiduciary rule.” The article also featured a June 2 client alert authored by Fred, Joan Neri and Josh Waldbeser. The article highlights some of the alert’s key takeaways and the implications for non-affiliated RIA firms.

The team’s alert, “‘Last Minute’ Fiduciary Rule Check-In: What Independent RIA Firms Should Do Now,” noted that the impartial conduct standards create new oversight and documentation requirements and potential new liability, even for those advisers that were previously regulated as fiduciaries. The team encouraged RIAs to take a more proactive approach to monitoring and documenting advice on rollovers.

Fred noted that RIAs will have to operate under the impartial conduct standards without precise clarity on how the best interest standard will be enforced during the transition period, which will be in effect until January 1, 2018.

The team also recommended third-party benchmarking services to ensure fees satisfy reasonable compensation requirements.

Read “What advisors need to know now about the fiduciary rule” in BenefitsPro.
Read “'Last Minute' Fiduciary Rule Check-In: What Independent RIA Firms Should Do Now.”