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Erisa Rules For Investment Advisers In Massachusetts
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FAQ
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.
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.
Generally, fiduciary advice providers must: give advice that is prudent and loyal. avoid misleading statements about conflicts of interest, fees, and investments. follow policies and procedures designed to ensure the advice given is in an investor's best interest.
Investment advice is a targeted and specific form of guidance such as investment allocation or an insurance review.
The Advisers Act broadly defines an investment adviser as 'any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for ...
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);
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.