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NEW DOL FIDUCIARY GUIDANCE TOP 10 PRACTICAL ACTION ITEMS FOR EMPLOYERS AND 401(K) INVESTMENT COMMITTEES ADAM B. CANTOR, ESQ.CHI ESA SHARIFIAN & GIANTOMASI PC ONE POLAND DRIVE, WEST ORANGE, NJ 07052

How to fill out new dol fiduciary guidance

How to Fill Out New DOL Fiduciary Guidance:

1. Understand the Purpose: Familiarize yourself with the objective and requirements of the new DOL fiduciary guidance. This guidance aims to protect retirement investors by establishing standards of conduct for financial professionals.
2. Review Compliance Standards: Carefully examine the compliance standards set by the DOL. This includes understanding the fiduciary duty, fair dealing, and the obligation to act in the best interest of clients when providing retirement investment advice.
3. Update Policies and Procedures: Evaluate your firm's existing policies and procedures to ensure they align with the new guidance. Make necessary updates and modifications to meet compliance requirements.
4. Educate Your Team: Provide thorough training to all employees involved in providing retirement investment advice. They need to be well-versed in the new DOL fiduciary guidance to effectively implement it.
5. Document Processes: Establish a system to maintain detailed records of all communications, recommendations, and transactions related to retirement investment advice. These records should demonstrate the adherence to the new guidance and act as evidence of compliance, if needed.
6. Communicate with Clients: Inform existing and new clients about the updated fiduciary duty and the steps your firm is taking to comply with the new guidance. Clearly communicate any changes in fees, services, or investment recommendations that may arise due to the guidance.
7. Regularly Monitor and Evaluate: Continuously monitor and evaluate your firm's compliance with the new DOL fiduciary guidance. This includes reviewing procedures, conducting internal audits, and addressing any compliance issues promptly.

Who Needs New DOL Fiduciary Guidance:

1. Financial Professionals: Financial advisors, brokers, registered investment advisors, insurance agents, and other professionals who provide retirement investment advice are subject to the new guidance.
2. Retirement Investors: Individuals who seek professional advice or guidance regarding their retirement investments will benefit from the new DOL fiduciary guidance. It ensures they receive advice that prioritizes their best interests and reduces the potential for conflicts of interest.
3. Financial Firms: Companies that offer retirement investment advice or services are required to ensure compliance with the new guidance. This includes updating policies, training employees, and implementing systems to monitor and document adherence to the fiduciary duty.

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What is new dol fiduciary guidance?

The new DOL fiduciary guidance refers to the updated regulations issued by the Department of Labor regarding fiduciary responsibilities.

Who is required to file new dol fiduciary guidance?

Financial advisors, retirement plan sponsors, and other entities involved in providing investment advice to retirement plans are required to comply with the new DOL fiduciary guidance.

How to fill out new dol fiduciary guidance?

The new DOL fiduciary guidance requires filers to provide information about the investment advice they offer, potential conflicts of interest, and how they mitigate those conflicts.

What is the purpose of new dol fiduciary guidance?

The purpose of the new DOL fiduciary guidance is to ensure that financial professionals act in the best interests of their clients when providing investment advice for retirement plans.

What information must be reported on new dol fiduciary guidance?

Information such as the fees and compensation received for providing investment advice, potential conflicts of interest, and how those conflicts are managed must be reported on the new DOL fiduciary guidance.