What Impact Will the DOL Fiduciary Rule Have on Your Plan’s Financial Adviser?

As the Department of Labor’s (DOL’s) new, expanded fiduciary rule continues to become clearer (see our recent blog post), it’s important to step back and keep in mind what it means to be a fiduciary to a retirement plan.  The fiduciary standard of conduct is known as the highest standard of conduct under the law.  A fiduciary to a retirement plan, under ERISA, must (1) act solely in the interest of plan participants, and (2) act as a prudent person would act in the same situation. Continue reading

How to Select and Evaluate a Financial Adviser

At some point, as we progress through life, we wake up and discover that our financial situation is not as simple as it once was. It may happen all at once, following a marriage or a divorce, an inheritance or a business opportunity. Or maybe a need appears gradually, as you advance in your career, pay off some debt, and no longer have the time to keep up with things. No matter the reason, we will probably all need the assistance of a financial adviser at some point in our lives. An adviser is normally defined as someone who offers advice either for an hourly or asset-based fee. (This is different than a broker, who offers to place a transaction for a commission but does not offer advice.) But how do you select that individual to be your adviser? Anyone can call themselves a “financial adviser,” but you should rely on the four E’s to make sure you select the right adviser.Continue reading