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May 1, 2010 12:00 PM
Identity Crisis
New 401(k) advice rules are long overdue, but coming. In the meantime, retirement plan advisors may have to do some soul searching. Do you want to be a fiduciary?
The retirement plan marketplace is experiencing an identity crisis of sorts. To help fix deficiencies in the 401(k) system, Congress passed the Pension Protection Act in 2006, which enacted sweeping legislative changes and set the stage for reform in the areas of participant advice, disclosure and enforcement. But while the Department of Labor (DOL) has enacted many of these reforms through rulemaking in the years since then, it has put off doing anything about the participant advice piece of the equation three times. New advice rules were proposed early this year, including an expanded definition of who qualifies as a fiduciary, but a final rule is some ways off. In the meantime, many advisors are re-evaluating the nature of their qualified and nonqualified client relationships. It's a good thing too, because IRAs are set to come under the Employee Retirement Income Security Act (ERISA) jurisdiction next.
Below are key questions advisors need to explore as they attempt to determine just what kind of advisor they want to be in this new environment.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
E-Newsletter Signup
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