Monday, September 28, 2020

DOL Issues New Investment Advice Guidance

The DOL has weighed in on what constitutes “investment advice” for decades—and has faced strong opposition from many in the industry. After the last regulatory attempt was struck down by a federal appeals court, the DOL recently released a proposed prohibited transaction class exemption. Among other matters, it addresses when a recommendation by a financial advisor to roll over plan assets rises to the level of investment advice. Read more about the guidance in our recent article.