Towards the end of October, the Department of Labor (DOL) released the first set of FAQs on the DOL's fiduciary rule that attempts to answer some questions raised since the fiduciary rule's release. Now if only someone could do the same for parents that are about to be outnumbered by kids.
My wife and I recently found out that we will be adding a THIRD child to our family (or as I like to put it, we're going from playing "Man-to-Man Defense" to playing "Zone Defense"). Needless to say, we are both feeling a bit overwhelmed with the prospects of handling this new addition since, if for no other reason, the grown-ups will now be outnumbered by the "ankle-biters" in our own home.
I'm sure we're not alone when we wish there was some kind of guidance published out there that outlines what to do under these circumstances.
We are almost near the end of December but have not seen any new FAQs; but the DOL did suggest more to come. Luckily, for financial advisors and their firms that are similarly overwhelmed with the prospects of complying with the DOL's fiduciary rules, there is such guidance. On October 27th, the DOL released the first set of FAQs related to the fiduciary rules, and it is expected that the DOL will issue additional sets of FAQs relatively soon.
I won't go into much detail about the actual FAQ and its contents, but below is a list of the areas addressed within this FAQ:
One thing to note, as an update to one of my prior blog posts, within the FAQ the DOL provided clarity on a few different scenarios under the grandfathering provisions of the fiduciary rule:
In case you would like some additional information on the DOL's fiduciary rule, we have written several blog posts (please see below) detailing some of the different issues that have been brought up since the fiduciary rule was finalized.
If you have any additional questions, please contact the Retirement Strategies Group at (800)722-2333, ext. 3939, or e-mail us at RSG@PacificLife.com.
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