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Erisa Rules For Investment Advisers In King
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Multi-State
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King
Control #:
US-001HB
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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.
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.
Fiduciary responsibilities include: Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them; Carrying out their duties prudently; Following the plan documents (unless inconsistent with ERISA);
Generally, each person must be bonded in an amount equal to at least 10% of the amount of funds he or she handled in the preceding year.
In a defined benefit plan, an employer can require that employees have 5 years of service in order to become 100 percent vested in the employer funded benefits (called cliff vesting).
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 SEC regulates investment advisers who manage $110 million or more in client assets, while state securities regulators have jurisdiction over advisers who manage up to $100 million.