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Rule Expands Rollover Protections

While aspects of the rule were already in effect, on July 1st, regulations from the U.S. Department of Labor that expand liability for financial advisors who give pension rollover advice went into effect. Many advisors already explain the pros and cons of rollovers but now they must provide rollover clients with a written explanation indicating the specific reasons as to why the investment professional and/or financial institution believe that the rollover is in the client’s best interest. Advisors who carefully explain the risks and suggested allocation of the transferring funds will likely create a long lasting relationship with the client.

“Joe, thanks for carefully explaining the pros and cons of moving the 401(k) account from my previous employer. I feel confident, and my CPA agrees, that the benefits of moving that 401(k) account to an IRA outweigh the benefits of leaving the funds with my previous employer.”

“Good to hear. I will send you the proper paperwork to complete, an IRA application and a rollover request to DocuSign. I will also send you a calendar invitation for a final review and to answer any other investment questions you may have. I look forward to working with you over the years.”


Topics and conversations that may seem unrelated to extended or

long-term care planning can be a catalyst to overall improved financial

family wellness planning, for younger generations as well as those

closer to retirement.

-Excerpt from "How Not to Tear Your Family Apart"

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