Fiduciary Rule Insights

A Report Series with Insights on the DOL's Final Fiduciary Rule and Conflict of Interest Regulations

 

Through the support of Saybrus Partners, Saltzman Associates has published a series of complimentary papers that outline the main provisions and impacts of the new rules as they relate to financial institutions and their continuing efforts to provide annuity solutions to clients.

 

1

The Fiduciary Rule

2

Best Interest Contract Exemption

This is the firlst publication in the Fiduciary Rule Insight series.  This paper outlines the Department of Labor’s new Fiduciary Rule, which provides a foundation upon how fiduciary investment advice will be determined starting in April of 2017 with respect to retirement plans and IRAs.

This paper focuses on details and considerations related to the new BIC Exemption which permits firms to continue to rely on many current compensation and fee practices, as long as they meet specific conditions intended to ensure that investment advice is provided in the best interests Retirement Investors.

3

Prohibited transaction Exemption 8424

4

The impartial conduct standards

This paper summarizes the details and considerations of the newly amended PTE 84-24, which generally permits certain fiduciaries and other service providers to receive commissions in connection with the purchase of insurance contracts and Fixed Rate Annuity Contracts by plans and IRAs, as well as the purchase of investment company securities by plans.

The Impartial Conduct Standards are now required elements of the DOL’s new and amended exemptions under the rule and are characterized by the DOL as “fundamental obligations of fair dealing and fiduciary conduct.”  This paper provides insights on these new, critical obligations for firms dealing with retirement investors.

The Details

On April 6, 2016, the US Department of Labor (DOL) issued its final fiduciary and conflict of interest regulations.  These new rules usher in very significant changes to the regulations governing retirement plans and individual retirement accounts (IRAs) since the passage of the Employee Retirement Income Security Act of 1974 (ERISA) over forty years ago.

 

For the first time since ERISA’s passage, the new fiduciary rule will subject many of the investment and asset management recommendations from banks, broker dealers and other financial organizations to IRAs and other retail retirement investors to the fiduciary standards and remedies found in ERISA.

 

Our series of papers cover the following topics and will be published each month as follows:

 

  • June 2016:  The Fiduciary Rule
  • July 2016:  The Best Interest Contract Exemption
  • August 2016:  Prohibited Transaction Exemption 84-24
  • September 2016:  The Impartial Conduct Standards

 

On behalf of Saybrus Partners and Saltzman Associates, we hope that you find this complimentary report series useful as you work to implement your strategies for compliance with the new regulations.

About Saybrus Partners

Saybrus Partners helps financial professionals address clients' needs with annuity and insurance solutions for basic protection as well as income, estate, and business planning.

 

Our partner firms include financial institutions, broker/dealers and the industry's top annuity and life carriers. With services customized to best fit our partners' businesses, our capabilities range from traditional wholesaling to comprehensive consultation with client meeting support, backed by a national wholesaling team of over 180 professionals.

 

To learn more,  contact Robert Wick at (561) 998-2771 or rwick@saybruspartners.com

 

 

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