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With the DOL's new rule 95% likely to get finalized, RIAs need to be wary -- it targets them with new letter-of-the-law ERISA red tape

Right now, most RIAs recommend IRA rollovers without having to jump through a lot of hoops, but DOL's 'exemption' makes a federal case out of suggesting the move away from the protection of the employer’s plan

Author Jason Roberts, Guest Columnist July 14, 2020 at 7:21 PM
1 Comment
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Jason Roberts: The penalties are set in stone.

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RIA Compliance

Brian Patrick Murphy

Brian Patrick Murphy

July 15, 2020 — 7:20 PM
This type of regulatory oversight points to a need for the industry to rethink their standard business models. Specifically the DOL is obviously targeting "asset capture" programs here. If the advisory industry as a whole were to prioritize their fiduciary obligation to clients over fees, these types of regulations would be superfluous. I would suggest the way forward is to stop building "work-arounds" and rethink the problem with a fresh sheet of paper. For example, if the advisory business model didn't provide an incremental benefit to the advisor for rolling over old 401(k)s, this issue goes away.

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November 18, 2022 at 2:56 AM

Mentioned in this article:

Pension Resource Institute, LLC
Compliance Expert
Top Executive: Jason C. Roberts

Retirement Law Group, PC

Top Executive: Jason C. Roberts

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