The U.S. Department of Labor (“DOL”), Securities & Exchange Commission (“SEC”), and the Financial Industry Regulatory Authority (“FINRA”) have all published rule proposals or guidance on sales practices involving retirement plans. Clearly, protecting retirement investors is a top regulatory priority. Although the guidance has invoked terms such as “fiduciary,” “conflicts of interest” and “best interest,” the common theme underlying this trend is a focus on commissions and advisory fees charged for providing sales and services to retirement investors. In this Risk Management Update, we will review the regulators’ focus on services and fees and offer some compliance considerations to get ahead of the trend.
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