DOL Fiduciary Rule FHT&T Lake Saint Louis, MO May 11, 2016

Slides:

Advertisements

Similar presentations

Advertisements

Variable Annuities Abusive Sales Practices and Liability By Joel D. Feldman Anapol, Schwartz, Weiss, Cohan, Feldman & Smalley.

For registered representative use only. Not for public distribution. CN Voya Select Advantage IRA A Mutual Fund Custodial Account Anthony.

The Advisers Act Custody Rule

1 401(k) Fees What You Need to Know Celia Rafalko Piedmont Independent Fiduciaries, Inc

Brought to you by the Nationwide ® Advanced Consulting Group Retirement Plan Asset Management – A Comprehensive Look 1 Hr. CE NFM-11672AO.2 FOR BROKER/DEALER.

Investment Adviser Training Dallas TX.  A defined benefit plan, funded by the employer, promises you a specific monthly benefit at retirement.defined.

Wealth Management Services

COLLECTIVE INVESTMENT FUNDS AND ERISA Marcia S. Wagner, Esq.

The benefit of our unique organization is the clarity, confidence, and comfort our clients feel knowing they have the financial resources that make a difference.

401k Essentials for (k) fundamentals Contributions Limits  Under 50 years of age  $17,500  Over 50 years of age  $17,500  Plus Catch up.

Fiduciary Responsibility Frye Financial Center Creating, Protecting and Preserving Wealth

LSW and the 403(b) Market LSW is very committed to the 403(b) market. It is our core business Our independent agents work with more than 5,100 school.

Fee Disclosure Requirements Not FDIC insured. May lose value. No bank guarantee. FOR PLAN SPONSORS How they affect you and your participants.

Presentation Title © 2010 Fox Rothschild How Much Does Your Retirement Plan Really Cost? Presented by Harvey M. Katz, Esq. Fox Rothschild LLP 100 Park.

Dave Zahller Regional Vice President Security Benefit Why a 457 Plan may be the Right Choice for Your District /03/25.

FIRMA NATIONAL RISK MANAGEMENT TRAINING CONFERENCE BDIA HOT TOPICS APRIL 29, :15 AM – 10:15 AM.

The Department of Labor Proposed Regulation Investment Fiduciary Advice: What You Need to Know Now! Juli McNeely, LUTCF, CLU, CFP NAIFA President Kevin.

Keeping Up With DC Marcia S. Wagner, Esq Broader “Fiduciary” Definition 2. Target Date Funds 3. Automatic IRA Legislation.

Introduction DOL Fiduciary Proposal ∙ Broadens scope of advisors deemed to be fiduciaries Agenda ∙ Existing Rule ∙ Proposed Fiduciary Definition and Exemptions.

O VERVIEW AND S TATUS OF THE P ROPOSED F IDUCIARY R EGULATION O VERVIEW AND S TATUS OF THE P ROPOSED F IDUCIARY R EGULATION Workshop 67 October 21, 2015.

1 OCC Supervision Issues FIRMA Risk Management Conference March 30, 2010.

Kevin Knull, CFP® Marcia S. Wagner, Esq. The Fiduciary Rule: What Are the Practical Implications, What Should You Have Done Yesterday and What Should You.

Marcia S. Wagner, Esq. The New Fiduciary Rules: What Do You Need to Know and Do Now?

The New Fiduciary Rules: What Do TPAs Need to Know

CIEBA Webinar DOL 2015 Fiduciary Proposal Jenny Eller Groom Law Group, Chartered May 20, 2015.

For internal use only. Not for distribution to the public. A Potential Game-Changer for Retirement Investment Services THE DOL’S NEW FIDUCIARY RULE All.

Case Study: Examination of an Investment Adviser to a Hedge Fund Dalia Osman Blass, Division of Investment Management Pete Driscoll, Office of Compliance.

Marcia S. Wagner, Esq. The New Fiduciary Rules: What Do You Need to Know?

So You Think You Know the Fiduciary Rule? July 12, :00 - 1:00 p.m. (EDT) Guest Speaker: Marcia S. Wagner Principal The Wagner Law Group Hosted by:

THE HOUSEHOLD BALANCE SHEET SM VIEW AND THE NEW DOL FIDUCIARY RULE Moderator: François Gadenne, CFA ®, RMA ®, Chairman & Executive Director of RIIA ® Speakers:

DOL Fiduciary Rule: Answering Advisors' Top Questions Jason Berkowitz Vice President and Counsel, Regulatory Affairs September 7, 2016.

Overview of DOL Fiduciary Rule

The Harvard Club ● July 18, 2016 ● © IA Watch 2016 ● 1 Beyond the BICE  Marcia Wagner, The Wagner Law Group, Boston  Jamie Fleckner, Partner, Goodwin.

The New Fiduciary Rules

Regulation and Supervision of Pension Plans in the USA

The New Fiduciary Rules:

The New Fiduciary Rules What Do You Need to Know and Do Now?

THE NEW DOL FIDUCIARY RULE AND GOVERNMENT INITIATIVES

The New Fiduciary Rule:

Department of Labor – June 2017

The DOL’s Fiduciary Guidance

Addressing key issues for the new fiduciary world

RCS - AIR 2014 Template_4x3_FINAL

DOL FIDUCIARY RULE & REAL LIFE IMPACTS TO YOUR PRACTICE

What General Business and Financial Institution Lawyers Need to Know

Full Circle Financial OSJ Retreat 2016

The DCIO Leadership Summit The Legal and Political Arena for 2017

Michael P. Kreps Thomas Roberts

Notes for Advisors LPL Tracking # The attached has been given an 'Approved As Is' status by Marketing Regulatory Review. For advisors who want.

DOL LANDSCAPE: CHALLENGES AND OPPORTUNITIES

The New Fiduciary Rules:

You Are Welcome At Any Session!

403(b) Plan Checklist of Best Practices for Plan Sponsors

IRA ROLLOVERS: AGGREGATE, SEGREGATE, DOCUMENT, COMMUNICATE, AND EDUCATE Marcia S. Wagner, Esq.

Qualified Retirement Plan Design For the Closely Held Company

The DOL Fiduciary Rule Doug Baxley, CFP®

DOL’s Final Rule Defining the Term Fiduciary

Jerry McMillan P P P P Investment Services: Financial Advice:

Trends in Retirement Planning

Integrating ERISA Into Your Compliance Systems

The Fundamentals of Investing

June 9, 2017 What You Need to Know.

Avoiding a Fiduciary Trap in your Call Center

June 9, 2017 What You Need to Know.

NO. CA CHAPTER ISEB MEETING

300 Montgomery Street, Suite 600

Laura Ann Bartlett, CEBS, AIFA Vice President, Institutional Wealth

Presentation transcript:

DOL Fiduciary Rule FHT&T Lake Saint Louis, MO May 11, 2016 Compliance DOL Fiduciary Rule FHT&T Lake Saint Louis, MO May 11, 2016

DOL Fiduciary Rule Published April 8, 2016 7 documents in total (1,023 pages) Effective date: June 6, 2016 Applicability date: April 10, 2017 Full Implementation: January 1, 2018 Effective date: law of the land Applicability date: compliance with the rule Full implementation: phased implementation of portions of the BIC from April 10, 2017 to January 1, 2018 For Broker/Dealer Use Only

DOL Fiduciary Rule ERISA Fiduciary: Act impartially Best interest of the customer Reasonable compensation Eliminate conflicts of interest Discuss fiduciary and how ERISA fiduciary is different from SEC fiduciary. For Broker/Dealer Use Only

Applicable Registrations 401k Profit Sharing Defined Benefit Simple IRA Roth IRA Coverdell SEP HSA Yet to be determined how traditionally non-ERISA plans will be handles. For Broker/Dealer Use Only

Investment Advice For a fee or other compensation: Recommendation to Acquire Hold Dispose of Exchange Compensation means DIRECT (Commissions) or INDIRECT (incentive trips, etc) For Broker/Dealer Use Only

Investment Advice For a fee or other compensation: Recommendation regarding: Investment policies or strategies Portfolio composition Selection of investment manager Rollovers, distributions or transfers For Broker/Dealer Use Only

Grandfathering Accounts/Transactions PRIOR to Applicability Date (4/10/17) Compensation can flow Hold recommendations or Reallocation PIP compensation can flow Existing compensation structures are permitted SO LONG AS no further fiduciary advice is provided with respect to that account (obviously an issue for additional deposits) Sub-Account Reallocations and switches of fund allocations within the same mutual fund family are OK—SO LONG AS no additional or different compensation is received For Broker/Dealer Use Only

Grandfathering Accounts/Transactions PRIOR to Applicability Date (4/10/17) NO investment advice Including on additional deposits For Broker/Dealer Use Only

The Good, the Bad and the Ugly For Broker/Dealer Use Only

The Ugly: Best Interest Contract Exemption Allows for commission-based and other un-level compensation. Sounds great! What’s the Catch? Lawsuits Class Action Lawsuits Disclosures For Broker/Dealer Use Only

The Bad: Increase in compliance burden Increase in potential liability Documentation of fiduciary care Increase in potential liability Greater than suitability standard What is worth the risk Account minimums For Broker/Dealer Use Only

The Good: Jeanne Zeonia Susie For Broker/Dealer Use Only

Level Compensation Fee-based Accounts New World Order Level Compensation Fee-based Accounts For Broker/Dealer Use Only

New World Order Annuities Traditional Fixed - no change Variable Annuities-advisory only (no commission) OR BICE Equity-Indexed Annuities-BICE Only unless industry comes up with fee-based FIA. For Broker/Dealer Use Only

Questions For Broker/Dealer Use Only