Larkspur-RiXtrema President Daniel Satchkov on How Quickly Is Disruption Happening In The 401k Space?
Don’t get overly distracted by the fiduciary rule. Daniel Satchkov has some sensible advice, says John Sullivan of 401kSpecialistMag at the Excel 401k(2017) Watch the full interview between 401kSpecialistMag’s John Sullivan and RiXtrema’s Daniel Satchkov at 401kSpecialistMag.com
How You Can Solve The Most Difficult DOL Rule Documentation Requirement
Today we are going to tackle one of the most difficult data challenges you will encounter in creating a best interest report. You are obligated to act in clients’ best interest and document that whenever you onboard IRA assets after June 9, 2017. As part of acting in the client’s best interest when doing a...Read More
Which FINRA regulations are part of the DOL Rule best interest report requirements?
Traditionally, courts and the DOL find some key elements to be most important, in regard to facts and circumstances presented by advisors in their attempts to make prudent decisions. In particular, a financial advisor should reasonably conclude that their report can create a documented record that is necessary for a best interest recommendation of a...Read More
RiXtrema Launches Fiduciary Checklist
Original Article from Javier Simon at PlanAdviser can be read HERE The checklist covers various fiduciary responsibilities including those not associated with supposed delays or changes to the fiduciary rule, RiXtrema says. Risk management tools and resources provider RiXtrema has released its DOL Fiduciary Rule Checklist to help advisers comply with the conflict of interest rule, which is...Read More
The Department of Labor’s Fiduciary Rule – Three Issues to Consider if you Advise IRAs
By Guest Bloggers, Robert L. Sichel and Amanda M. Katlowitz of K&L Gates According to the Investment Company Institute, at the end of the first quarter of 2017, assets in IRAs and defined contribution plans totalled $8.2 trillion and $7.3 trillion, respectively.1 Under the Department of Labor’s fiduciary rule, advice to rollover assets from these types...Read More
Crazy Question of the Day: Will Bitcoin Ever Be a Fiduciary Asset?
The mysterious Satoshi Nakamoto created Bitcoin (BTC), the first digital currency as a result of the 2008 financial crisis. Bitcoin blockchain is the first example of monetary system operating in a totally decentralized manner bypassing the regular financial system. From the technological perspective BTC is a complicated endeavor that involves a lot of moving parts....Read More
DOL Fiduciary Rule Best Interest Requirements: Creditor Protection in ERISA Plans
Is it important to factor in safety from creditors during a 401(k) rollover? How safe was the money in the 401(k) and how safe will it be in an IRA? How important is it to consider this as a financial advisor? What is protected in a 401(k)? To put this into perspective, a 401(k) account...Read More
DOL Fiduciary Rule Groundhog Day: What Just Happened & What It Means For You
For those participating in the financial advice industry, it might seem like living out the movie Groundhog Day. Except instead of Bill Murray, the star of the movie is Alexander Acosta. Constant news of delays, new legislations that attempt to repeal the rule, repeated comment periods have become the norm in our Punxsutawney of financial...Read More
Do I have to document best interest when doing rollovers?
How does the DOL Rule Affect Me? Do I have to document best interest when doing rollovers? Effective June 9, 2017, financial advisors who provide investment advice to retirement plan participants have to adhere to the Impartial Conduct Standard. The standard essentially stipulates the following: Best interest standard of care, which essentially combines ERISA’s prudent...Read More
What June 9th DOL Rule Date Means For You: How to Not Be a Low Hanging Fruit for Litigation Attorneys
What June 9th DOL Rule Date Means For You: How to Not Be a Low Hanging Fruit for Litigation Attorneys On May 22, Secretary of Labor Acosta confirmed something that we argued since the DOL Fiduciary Rule got delayed in March. Specifically, he said that June 9th is the date when ANYONE advising on retirement...Read More