Whether or not to roll over retirement savings from an employer-sponsored plan is one of the most important financial decisions an investor will make in his or her lifetime. When an investor rolls over an employer-sponsored retirement plan into an individual retirement account (IRA), the financial professional stands to benefit. To ensure rollover recommendations are […]
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The Department of Labor’s (DOL) deadline to meet the Prohibited Transaction Exemption (PTE) 2020‑02 requirements is quickly approaching. In response to industry feedback, the DOL stated in October that the department “will not pursue prohibited transaction claims against investment advice fiduciaries who are working diligently, and in good faith, to comply with the Impartial Conduct Standards” for […]
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Throughout the CFR journey, InvestorCOM has met with regulators, wealth leaders and many compliance experts around the principles-based elements of the reforms. We are proud to have helped dozens of firms meet their KYP requirements with confidence. Reflecting on the approach firms are taking towards implementing a solution for the CFRs, we can group firms […]
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Firms that deliver on digital documentation and disclosure will reduce audit risk The wealth industry has faced an unprecedented wave of new regulations over the last decade, and 2022 may be the most challenging regulatory year yet for firms. In Canada, the client-focused reforms (CFRs) will be in effect in the new year. In the U.S. regulation […]
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On March 3, 2021, the US Securities and Exchange Commission (SEC) Division of Examinations announced its examination priorities including a greater focus on Regulation Best Interest (Reg BI). Reports from October 2021 suggest the SEC is making good on its promise by sending a large number of broker-dealers Reg BI exam deficiency letters. Reg BI […]
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The window for firms to meet compliance for PTE 2020-02 is getting shorter. In October 2021, the DOL stated that all proper processes need to be in place by January 31, 2022 and documentation and disclosure by June 30, 2022. InvestorCOM hosted a roundtable event “Preparing for PTE 2020-02” which facilitated a collaborative discussion with […]
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The PTE 2020-02 deadline is coming up, and firms must ensure that they have the proper processes by January 31 2022, and documentation and disclosure in place by June 30, 2022. To address the industry’s questions and concerns, and to share approaches firms are taking to meeting compliance, InvestorCOM recently hosted a roundtable event “Preparing […]
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December 20 is just around the corner, which means time is quickly running out to meet compliance for PTE 2020-02. In preparation for the looming deadline, InvestorCOM recently hosted a roundtable event “Preparing for PTE 2020-02” to address the industry’s questions and concerns, and to share approaches firms are taking to meeting compliance. One interesting insight […]
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In response to recent know-your-product (KYP) regulations on both sides of the border, some of the industry has focused on reducing product shelves and in some cases eliminating third-party products altogether. The intent of the new regulations is to ensure that advisors consider a reasonable range of alternatives when making a recommendation. By pruning their […]
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When it comes to making best interest rollover recommendations, some financial professionals and their respective wealth management firms are evaluating whether an educational or an advice-based approach is needed to meet the Department of Labor’s (DOL) Prohibited Transaction Exemption (PTE) 2020-02 requirements. For context, the DOL’s PTE 2020-02, “Improving Investment Advice for Workers & Retirees,” is […]
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