Sentences with phrase «under fiduciary advice»

Under DOL's rule, recommendations on rollovers fall under fiduciary advice.

Not exact matches

On April 8, 2016, the Department of Labor (Department) published a final regulation (Fiduciary Rule or Rule) defining who is a «fiduciary» of an employee benefit plan under section 3 (21)(A)(ii) of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) as a result of giving investment advice to a plan or its participants or benefFiduciary Rule or Rule) defining who is a «fiduciary» of an employee benefit plan under section 3 (21)(A)(ii) of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) as a result of giving investment advice to a plan or its participants or beneffiduciary» of an employee benefit plan under section 3 (21)(A)(ii) of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) as a result of giving investment advice to a plan or its participants or beneficiaries.

In the absence of an exemption, investment advice fiduciaries would be statutorily prohibited under ERISA and the Code from receiving compensation as a result of their investment advice, and from engaging in certain other transactions, involving plan and IRA customers.

«Contrary to the arguments being put forward, DOL has clear authority both to define fiduciary investment advice under ERISA and the tax code and to set the conditions for any exemptions from the prohibited transaction rules.»

The opinions expressed are not intended to serve as investment advice (either under the Investment Advisers Act of 1940, or the Department of Labor's Fiduciary Advice Rule), a recommendation, offer, or solicitation to buy or sell any securities, or recommendation regarding specific investment stratadvice (either under the Investment Advisers Act of 1940, or the Department of Labor's Fiduciary Advice Rule), a recommendation, offer, or solicitation to buy or sell any securities, or recommendation regarding specific investment stratAdvice Rule), a recommendation, offer, or solicitation to buy or sell any securities, or recommendation regarding specific investment strategies.

But Elliot Weissbluth, CEO of HighTower Advisors — a nine - year - old national financial services company with more than $ 30 billion in assets under management that has long adhered to the fiduciary standard — says it's like the difference between getting dietary advice from a butcher or from a registered dietician.

Institutions and retail advisors who merely dispense information without recommending a product or service, or who don't dispense advice do not trigger fiduciary duties under the DOL rule.

Given the expectation that many established forms of compensation that are so central to the brokerage business model appear likely to be allowed under the rules, Roper questions the contention of industry groups that they really are willing to accept a best - interest fiduciary standard for advice under ERISA.

The February 2015 document she references, The Effects of Conflicted Retirement Advice on Retirement Savings, was used by the Obama administration to support the Department of Labor's ongoing rulemaking that would redefine fiduciary under ERISA.

Two other industry trade groups that have lobbied against the fiduciary proposal — SIFMA and FSI — offer slightly more conciliatory statements, though both groups argue that existing regulations under the SEC and FINRA are already in place to guard against bad retirement advice.

Bottom line, though, he said, on what qualifies as fiduciary advice under the rule: «There has to be a recommendation; you have to get a fee for it.»

Under the Employee Retirement Income Security Act, a fiduciary investment advisor is defined as one who «renders investment advice for a fee or other compensation.»

In contrast to this Rollover Opinion, under the DOL's new and broader definition of fiduciary advice, any and all rollover recommendations would generally be viewed as fiduciary advice.

The financial reform bill passed by the House of Representatives brings retail brokers under a fiduciary standard if they supply investment advice.

In addition, as with all advisors today who currently offer fiduciary advice, under the DOL rule, the advisor need not avail him or herself to the entire universe of products, but may determine the firm's «shelf» of product solutions that serve his business practice and clientele best — using standards for selection and adhering to them.

Morgan Stanley Smith Barney LLC («Morgan Stanley»), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not «fiduciaries» (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley.

For purposes of ERISA and the Department of Labor's fiduciary rule, we are relying on the sophisticated fiduciary exception in marketing our services and products, and nothing herein is intended as fiduciary or impartial investment advice unless it is provided under an existing mandate.

This gap has left too many investors receiving questionable product recommendations under the guise of fiduciary advice.

Last week, the Department of Labor (DOL) issued a new proposal that would expand the types of retirement investment advice covered under fiduciary protection.

Under these regulations, a person giving financial advice is only held to a fiduciary standard when the following five - part test is met:

The rule in general raises the fiduciary standard for virtually anyone involved with investment advice surrounding a retirement plan under the Employee Retirement Income Security Act (ERISA), and it places a great degree of scrutiny on fees and revenue sharing.

The Department of Labor (DOL) fiduciary rule expanded the «investment advice fiduciary» definition under the Employee Retirement Income Security Act of 1974 (ERISA), but was vacated by a Federal...

This week is the first that financial advisors must operate under the Department of Labor's fiduciary rule, subject to Impartial Conduct Standards which require that they must give best interests advice, for reasonable compensation, and make no misleading statements.

The opinions expressed are not intended to serve as investment advice (either under the Investment Advisers Act of 1940 or the Department of Labor's Fiduciary Advice Rule); a recommendation, offer, or solicitation to buy or sell any securities; or a recommendation regarding specific investment stratadvice (either under the Investment Advisers Act of 1940 or the Department of Labor's Fiduciary Advice Rule); a recommendation, offer, or solicitation to buy or sell any securities; or a recommendation regarding specific investment stratAdvice Rule); a recommendation, offer, or solicitation to buy or sell any securities; or a recommendation regarding specific investment strategies.

May a corporate lawyer and his law firm be sued in Delaware as to claims arising out of their actions in providing advice and services to a Delaware public corporation, its directors, and its managers regarding matters of Delaware corporate law when the lawyer and law firm: i) prepared and delivered to Delaware for filing a certificate amendment under challenge in the lawsuit; ii) advertise themselves as being able to provide coast - to - coast legal services and as experts in matters of corporate governance; iii) provided legal advice on a range of Delaware law matters at issue in the lawsuit; iv) undertook to direct the defense of the lawsuit; and v) face well - pled allegations of having aided and abetted the top managers of the corporation in breaching their fiduciary duties by entrenching and enriching themselves at the expense of the corporation and its public stockholders?