DOL Digest May 22, 2017

SSN Marketing Compliance, DOL

IRA Rollovers from an ERISA Plan The DOL fiduciary rule will significantly change the information needed for IRA rollovers and the client disclosure documents when the rule takes effect June. 9. Securities Service Network will be updating its IRA rollover processes to comply with the new rule. The rule requires advisors and broker-dealers to document the specific reasons the advisor’s …

DOL Digest May 8, 2017

SSN Marketing Compliance, DOL

What the DOL Rule Delay Means for Our Advisors As we communicated on April 5, the Department of Labor has delayed implementation of its fiduciary rule until June 9, with some aspects delayed until Jan. 1, 2018. At this time, we do not have any indication that the June 9 effective date will be postponed. The DOL’s definition of a …

DOL Digest February 21, 2017

SSN Marketing Compliance, DOL

Delayed or Not: How the DOL Fiduciary Rule Is Transforming Commission Products We still await formal response from the Department of Labor (DOL) to President Trump’s executive order instructing the DOL to re-evaluate the fiduciary rule. The DOL reportedly filed documents with the Office of Management and Budget (OMB) last week regarding how it will respond to the executive order, …

DOL Digest September 6, 2016

SSN Marketing Compliance, DOL

The DOL fiduciary rule will increase the need to document client interactions to demonstrate why recommendations are in the client’s best interest, including the type of account used (commission vs. advisory), the products that are recommended, and even why a distribution from a qualified account is appropriate, among others. Documentation captured at the time you make a recommendation is important …

The Fiduciary Rule: B-Ds and Product Manufactures Rise to the Challenge

SSN Marketing Compliance, DOL

SSN’s Vice President of Compliance, Doug Baxley, was recently featured in Financial Planning’s 19th Annual Independent Broker-Dealer Guide discussing The Fiduciary Rule.   Story by SourceMedia Marketing Solutions Group: The basic objective of the rule is to reduce potential conflicts of interest by requiring that anyone who provides retirement investment advice abides by a “fiduciary” standard.  This may seem simple enough at first …

DOL Digest August 1, 2016

SSN Marketing Compliance, DOL

When it Comes to Conflicted Compensation, It’s All About That BICE With apologies to pop singer Megan Trainor, when it comes to receiving differential or non-level compensation under the Department of Labor’s (DOL) new fiduciary rule, it really is “all about that BICE.” The Best Interest Contract Exemption (BICE) is a prohibited transaction exemption within the new fiduciary rule that …