The SEC’s Regulation Best Interest mandated that advisors follow a best interest standard of care. The DOL’s Fiduciary Prohibited Advice Exemption applies that standard of care to IRA rollover recommendations. FDI’s Best Interest solution will help you comply with these regulations and produce a client-friendly report that documents your IRA rollover recommendations.
The Fiduciary Rule and Reg BI are requiring advisors to follow a best interest standard of care. FINRA 13-45 outlined the advisory firm’s responsibilities when recommending a rollover into a qualified plan or transfer of assets from an IRA to a qualified plan. Also, they provide guidance on how IRAs are marketed.
More importantly, doing the right thing is now table stakes and clearly a best practice.
Every client is different and your rollover process should adjust to fit their needs while maintaining the required compliance structure. FDI’s Best Interest Determination solution addresses the four types of rollovers:
Isn’t it time you felt confident that your IRA business complies with the Fiduciary Rule and Reg BI?
Gather data from your client or use FDI’s plan benchmarking data. Follow a process that is compliant and proven. Leverage templates and workflows for efficiency. Achieve results at the Point of Sale. FDI’s solution will mitigate your risk, protect your clients and improve your bottom line.
And there is so much more! Schedule a demo to see how the FDI IRA Best Interest Determination solution can change your practice.
