October 06, 2020

Fred Reish Discusses Advisor and Broker-Dealer Compliance with Reg BI

The Securities and Exchange Commission’s Regulation Best Interest (Reg BI) requires advisors and broker-dealers to have a process to document their rollover recommendations, yet as ThinkAdvisor reports, some industry insiders believe that most advisors don’t have the proper process in place.

The publication turned to benefits and executive compensation partner Fred Reish for his thoughts on the matter, and Reish told the publication, “I think it’s largely true [that most advisors do not have the proper process to document their rollover recommendations].”

Reish said he’s helped a few broker-dealers with such Reg BI-related rollover policies. “With one I helped develop a rollover recommendation process,” Reish said. “With others I helped them develop rollover education materials. Rollover education, if done properly, is not a recommendation and, thus, is not subject to Reg BI.”


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