TCM72

Thank you for your feedback! Hadn't been on in a little while...

Sorry I hadn't been back to check on this. I was asking in the context of recordkeepers today who serve as a "Directed Trustee" and who I have been seeing using ways (I was guessing) within the BICE exemption to keep their current revenue sharing arrangements that contain potential conflict-of-interest arrangements. They are sending out a "no-response" client letter saying the contract will remain in-effect. Therefore, the plan sponsor remains liable. Just trying to figure out how else these large companies are able to do this other than through the BICE exemption within the DOL rule. Thanks in advance for all of your feedback/comments...

Does being a Directed Trustee count as a "Fiduciary" under the BICE exemption with the DOL Fiduciary/Conflict-of-Interest Rule?

What if they are simply helping them answer what is in an "educational" enrollment kit to determine what model to be in? The participant answers the questions, but the investment professional is sitting there with them assisting them in going through the questions. The questions then gives them a score to derive what model they then select? Would this be education or advice?

In determining whether someone under the new fiduciary regulation is providing educational assistance to a plan participant or giving actual advice, when the investment professional is actually assisting that participant with completing a risk tolerance profile questionnaire/assessment-would that constitute advice since they are discussing the individual's personal situation...or NOT because it is the participant actually providing the answers and the investment professional is just there in case they had a question about how to complete the form? Where is this line. I've read a lot of articles, but it seems this is a pretty thin line...When do they become a 3(21) fiduciary or get to remain under a suitability standard?