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DOL Fiduciary Rule FAQs

On October 27, 2016, the Department of Labor (DOL) issued a list of frequently asked questions to provide guidance regarding various elements of the Fiduciary Rule issued earlier this year. This first round of FAQs is in response to input received from financial services firms and other stakeholders and primarily concerns the new Best Interest Contract Exemption (BIC Exemption), which permits advisers and their respective financial institutions to continue to receive compensation that would otherwise be prohibited – commissions, 12b-1 fees, and revenue sharing – while still ensuring that retirement investors receive advice in their best interest.

Groom Law Group Benefits Brief; October 31, 2016.
www.investmentnews.com; October 27, 2016.