Sentences with phrase «acknowledge fiduciary status»
But before relying on an BICE, advisors «have to acknowledge their fiduciary status,» said Eric Serron, partner at Steptoe & Johnson LLP.
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Brokers believe to «Contractually acknowledge fiduciary status» is reasonable, 47 to 33 % (20 % neither) and to «Receive no more than reasonable compensation» is reasonable, 54 to 17 % (30 % neither).
According to a DOL fact sheet, in April 2017, the «broader definition of fiduciary will take effect, but to take advantage of the [best interest contract] exemption, firms will only be required to comply with more limited conditions, including acknowledging their fiduciary status, adhering to the best interest standard, and making basic disclosures of conflicts of interest.»
One year after the rule's publication, in April 2017, the «broader definition of fiduciary will take effect, but to take advantage of the BIC exemption, firms will only be required to comply with more limited conditions, including acknowledging their fiduciary status, adhering to the best interest standard, and making basic disclosures of conflicts of interest,» DOL states in a fact sheet released Tuesday detailing some of the final rule's changes.