If it’s a rollover, it’s fiduciary
Phyllis Borzi, formerlu of the DOL’s Employee Benefits Security Administration, and Alex Ryan, partner at Willkie Farr & Gallagher.
The new fiduciary rule will pull a lot of brokers under the Employee Retirement Income Security Act, and harkens back to the levelized compensation from the 2016 rule.
The Department of Labor issued the final version of its investment advice rule last week, a sweeping change that makes one-time IRA rollover recommendations a clear fiduciary act.
It has enormous implications for brokers – including insurance agents who sell annuities via rollovers – who befo
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