Big Changes for Reps Who Work with Retirement Plans

Retirement planning is one of the most important and complex financial tasks clients will undertake in their lives. Registered representatives who are educated about all the various retirement options can provide significant assistance to clients. However, reps who work with these investments may now be deemed fiduciaries under new, complex Department of Labor and ERISA rules.

The changes are significant and will impact the entire industry. Registered representatives will need to education themselves about the new rules’ impact to find the answers to obvious questions such as:

  • How are the new rules going to affect my recommendations to retirement accounts and rollovers?
  • Will the new rules affect my annuity recommendations?
  • Are there any prohibited transactions that I need to worry about?
  • What is the Best Interest Contract Exemption (BICE) and how will it help me gain relief from compensation restrictions?

This month’s newsletter “Big Changes for Reps Who Work with Retirement Plans” is an excerpt from our Firm Element CE Course Traditional IRAs and Rollovers. This article will discuss the scope of the DOL’s new rules, with respect to how it will impact representatives who are not registered investment adviser representatives and traditionally have not charged a fee for their advice.

About the Course

Traditional IRAs and Rollovers describes the creation and use of traditional IRAs and how they can be applied to your clients’ retirement and estate planning. In addition, the course outlines the components that can serve as a guide when an investor is selecting between traditional IRAs and Roth IRAs for new investments, or is considering a rollover. Certain tax implications are discussed, as well as recent regulatory guidelines concerning IRAs and suggestions for ensuring that firms and registered reps are in compliance. Finally, the course outlines recent Department of Labor regulations regarding ERISA fiduciary status and how they apply to IRAs.

Learn More