August 12, 2021

Fred Reish Addresses DOL Fiduciary Rule Compliance Concerns With Financial Advisor Magazine

In “Trade Groups Mull Asking DOL To Further Delay Fiduciary Rule Enforcement,” Financial Advisor Magazine turned to benefits and executive compensation partner Fred Reish for insight on financial industry officials’ concerns over readiness to comply with the Department of Labor’s fiduciary rule covering retirement plan advice by Dec. 20.

The publication explained that the rule states that a financial professional who gives retirement rollover or investment advice and benefits from it can only achieve an exemption, or Prohibited Transaction Exemption (PTE), from fiduciary rules if certain conditions are satisfied.

Reish is working with a number of investment adviser, broker-dealer and insurance companies to help them implement the PTE. He told Financial Advisor Magazine that some smaller and mid-sized firms were struggling and did not realize the rule applied to them or did not realize how labor-intensive and burdensome implementation would be.

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