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2 weeks ago | 
jdsupra.com | Joan M. Neri |Fred Reish
FINRA’s continued focus on account recommendations and rollovers is evident in its 2025 FINRA Annual Regulatory Oversight Report (the Report), Based on the Report, broker-dealers and their registered representatives (advisors) should ensure that account transfers and rollover recommendations are evaluated based on all relevant factors, that the recommendation aligns with the investor’s financial circumstances and investment objectives, and that the investor receives adequate disclosures.
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Jan 25, 2025 | 
openlegalblogarchive.org | Fred Reish |Joan M. Neri |Joshua J. Waldbeser
The effective date of the DOL’s new definition of fiduciary advice and the amendments to PTE 2020-02 have been stayed pending the outcome of the lawsuits challenging the rule and the amended PTE. However, there will still be instances when advisers will be considered fiduciaries under the current DOL fiduciary rule when recommending rollovers and as such, may need to comply with the current version of the PTE and undertake the best interest process described in this article.
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Nov 20, 2024 | 
planadviser.com | Fred Reish |Joan M. Neri
Q: I am a registered investment adviser who provides advisory services to 401(k) plan committees. Some of my client plans include auto-enrollment features, and I am aware that a few of them have had administrative problems with implementing the automatic-enrollment feature by missing enrollment for some eligible employees. I want to educate my client about addressing these issues.
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Sep 12, 2024 | 
jdsupra.com | Joan M. Neri |Fred Reish
The effective date of the DOL’s new expansive fiduciary rule and the amendments to Prohibited Transaction Exemption (PTE) 2020-02 has been stayed pending the outcome of the lawsuits challenging the rule and the amended PTE.
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Aug 14, 2024 | 
planadviser.com | Fred Reish |Joan M. Neri
Question: I am a registered investment adviser who provides advisory services to individuals. I understand that the new, expansive Department of Labor fiduciary rule that would have gone into effect on September 23 . If I recommend that an individual roll over plan monies to an individual retirement account that I manage, what process do I need to undertake to be compliant with the current rules?
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Aug 9, 2024 | 
jdsupra.com | Joan M. Neri |Fred Reish |Joshua J. Waldbeser
Following the stays that were issued by the Texas courts, the September 23, 2024, effective date for the DOL’s new fiduciary rule and the amendments to PTE 2020-02 and PTE 84-24 will not go into effect pending the outcome of the lawsuits challenging the rule and amended exemptions. As a result, the current DOL fiduciary regulation continues to apply as do the current versions of PTE 2020-02 and PTE 84-24.
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Jun 3, 2024 | 
jdsupra.com | Joan M. Neri |Fred Reish
The DOL’s new fiduciary advice rule, effective September 23, 2024, will cause many one-time recommendations to be fiduciary advice. As a result, many more recommendations to retirement investors—private sector retirement plans, participants in those plans, and IRA owners—by broker-dealers and their representatives (advisors) will undoubtedly be fiduciary advice under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (the Code).
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May 30, 2024 | 
brokerdealerlawblog.com | Fred Reish |Joan M. Neri
The DOL’s new fiduciary advice rule, effective September 23, 2024, will cause many one-time recommendations to be fiduciary advice. As a result, many more recommendations to retirement investors—private sector retirement plans, participants in those plans, and IRA owners—by broker-dealers and their representatives (advisors) will undoubtedly be fiduciary advice under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (the Code).
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May 16, 2024 | 
planadviser.com | Fred Reish |Joan M. Neri
Question: I am a registered investment adviser who provides advisory services to individuals. How will the Department of Labor’s new fiduciary rule affect my business and when does it apply? Answer: The new fiduciary rule, or officially the Retirement Security Rule, is effective September 23, 2024, and casts a wide net that could cause one-time recommendations about a retirement account to be considered a fiduciary act.
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Apr 18, 2024 | 
jdsupra.com | Joan M. Neri |Fred Reish
The DOL has proposed amendments to its regulation defining fiduciary advice so that, in most cases, a single recommendation to a retirement investor will be a fiduciary act. In addition, the DOL has proposed amendments to Prohibited Transaction Exemption (PTE) 2020-02, which provides relief for prohibited conflicts of interest (e.g., commissions and fees). Both the amended regulation and the PTE could be finalized soon.
