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Erisa Rules For Investment Advisers In Contra Costa
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State:
Multi-State
County:
Contra Costa
Control #:
US-001HB
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FAQ
A financial advisor who's a fiduciary has an ethical duty to make recommendations that are best for you, rather than their own financial benefit.
It outlines when investment advice providers are acting in a fiduciary role and therefore must follow strict rules of conduct. Generally, fiduciary advice providers must: give advice that is prudent and loyal. avoid misleading statements about conflicts of interest, fees, and investments.
The new rule modifies the general criteria for determining if a fiduciary relationship exists and is based on whether the financial institution does or says anything indicating they are acting as a fiduciary or if they provide a covered investment “recommendation.” The final rule also expands the definition of “ ...
The purpose of the fiduciary duty is to eliminate (or mitigate) all conflicts of interest and to prevent an adviser from abusing a client's trust. An adviser has an affirmative duty of utmost good faith to act solely in the best interests of the client and to make full and fair disclosure of all material facts.
While ERISA does not require an investment policy statement, the Department of Labor has generally promoted it as being consistent with the fiduciary obligations set forth in ERISA.
Investment advice refers to any recommendations regarding an investor's portfolio. Many professionals, including financial planners, bankers, and brokers, can provide investors with investment advice specific to their financial situation and short- and long-term financial goals.
In general, a -- a communication that a reasonable person would view as recommending that he or she actually buy, hold, or sell a particular investment, or as a recommendation on managing investments or investment accounts.
Investment advice is a targeted and specific form of guidance such as investment allocation or an insurance review.
An investment advisor (sometimes spelled "investment adviser") is defined as a company or person who has a government registration allowing them to choose, manage and recommend investments for clients.