Avoid These 11 Mistakes In Complying With DOL Best Interest Rules
January 18, 2022 by John Hilton
The Department of Labor continues to tweak the rules governing sales of financial products with retirement dollars.
Regulators are honing best-interest principles after President Joe Biden’s administration allowed a rule published by his predecessor to take effect in February 2021.
The Investment Advice Rule has two main parts: a new prohibited transaction exemption allowing advisors to provide conflicted advice for commissions; and a reinstatement of the “five-part test” from 1975 to determine what constitutes investment advice.
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