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New Department of Labor Rules May Impact Your Retirement Accounts

Recently, the Department of Labor issued new rules that may impact your relationship with your financial advisor as it relates to your individual retirement accounts.  The rules are an attempt to require investment advisors who provide retirement investment advice to put a client’s best interest first translating to the parties signing a ‘best interest contract‘.  The effort to create these new rules began in 2010 with proposed rules issued last year, and after a period for comments, the new rules being issued now.  Implementation of the rules will be staged over the next couple of years with compliance required by January 1, 2018.   

So, what does this mean to an individual investor?  The ultimate impact is still being determined, but it does mean that individuals should reach out to their investment advisors to determine how their relationship may change, if at all, and whether fees will be impacted.  And how does such news correlate to estate planning?  Since almost every estate plan involves disposing of financial assets, and for most individuals that means passing on retirement assets, having your financial plan in order and understanding your rights as an investor is part of the process of structuring your estate plan so that your plan will meet your goals and objectives.

© 2019 Odin, Feldman & Pittleman, P.C.


About this Author

Catherine F. Schott Murray, Estate Attorney, Odin Feldman

Catherine F. Schott Murray appreciates that every client’s situation is unique and requires solutions that are adapted to their particular needs, goals, and objectives. She takes the time to carefully listen to her clients and discuss decisions that are not always straightforward, ultimately reaching an appropriate resolution that is pertinent to each client. Catherine is professional, yet compassionate, while carefully explaining complex matters during potentially trying times. She is an active member of the National Academy of Elder Law Attorneys (NAELA) and serves on the Board of...

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