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 …

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 …

DOL Digest July 11, 2016

SSN Marketing Corporate Office, DOL

If you’re wondering whether you’ll need to restructure your value, pricing and service as a result of the Department of Labor’s fiduciary rule, consider these three near-certainties under the new regulation: If you deal with qualified accounts or IRAs, including IRA rollovers, you will likely be considered a fiduciary under the new DOL rule and will be subject to its …

DOL Fiduciary Rule Advances to OMB

SSN Marketing Corporate Office, DOL

DOL Fiduciary Rule Advances to OMB By Doug Baxley, Vice President of Compliance Late on Thursday, January 28, the Department of Labor (DOL) took the next step in advancing their Fiduciary Rule proposal.  The controversial rule proposal was sent to the Office of Management and Budget (OMB) for a final review.  The OMB has up to 90 days to review the rule; …