My kids came by the office while I was having a discussion with the Retirement Strategies Group members about our publication, ERISA Fiduciary Rules for Advisors, and they overheard "3(16), 3(21), and 3(38)." My oldest son, who plays both high school baseball and football, quickly approached me and asked, "What do downs in football or batting averages have to do with retirement planning?"
It can be overwhelming at times with all the various acronyms and terminologies when trying to understand certain concepts. Furthermore, it is critical that we are discussing the concepts in the proper context. Pacific Life's brochure, ERISA Fiduciary Rules for Advisors, can help you get a better understanding of:
The SEC and the DOL are currently in the process of releasing regulations that will update fiduciary standards to be more in line with current practices for broker/dealers and RIAs. For the SEC, this was part of the Dodd-Frank Wall Street Reform and Consumer Protection Act; this act granted authority to conduct studies and consider rule-making for a single fiduciary standard for both registered investment advisers and registered representatives. For the DOL, this will be re-proposing the regulation that was released in 2010. Below you'll see the distinctions between the SEC and DOL fiduciary issues, and ways in which each may impact the financial industry going forward.
Stay tuned for future updates that the Retirement Strategies Group will provide to you should we get new information. Contact (800) 722-2333, ext. 3939 or RSG@PacificLife.com.
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Additional disclosures for actions that may be deemed a conflict of interest between the person giving the advice and the client.
Pacific Life Insurance Company and its affiliates do not provide any employer-sponsored qualified plan administrative services and do not act in a fiduciary capacity for any plan. Clients should consult their tax advisors and/or attorneys regarding their specific situations.
The information in this blog is believed to be accurate as of the publication date. Additionally, it does not purport to be comprehensive in scope. Rules can change over time.
Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.
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