02.02.22

Smaller Firms May Not Be Ready for DOL Fiduciary Rule Now in Force

by: Mark Schoeff, Jr.

The U.S. Department of Labor has begun enforcing an investment advice regulation for retirement accounts that was approved by the agency late in the Trump administration. Some smaller firms are not fully aware of the new requirements and could have inadvertently missed the Feb. 1 deadline, said Fred Reish, partner at Faegre Drinker Biddle & Reath. There’s also the risk that their policies and procedures won’t withstand regulatory scrutiny. “For example, some firms may not appreciate the process required and the information that must be gathered to make a compliant rollover recommendation,” Reish said.

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