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 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 October 19, 2016

SSN Marketing DOL

Mutual fund share classes and their respective costs have come under greater regulatory scrutiny in recent years. The proliferation of funds and share classes has created a universe of more than 24,000 different investments, according to an April 2016 article in Investment News. While many fund companies offer fairly standard A, B, C and I shares, others have created up …

DOL Digest September 19, 2016

SSN Marketing DOL

The Department of Labor fiduciary rule has accelerated the need for advisors to shift away from investment management as the sole driver of their value and incorporate holistic advice and value-added service offerings. As a result, the practice of the future will need to focus on comprehensive planning and behavioral coaching. If behavioral financial advice isn’t already a key component …

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 …