RIA Audit by DOL

[austin3515]

We have a connection/friend who is an RIA. They are getting audited by the DOL. They had requested a listing of all of their qualified plans that they do work for, and she has selected a sample from that list. The DOL apparently knows that they are just the RIA. What could the DOL be looking for? We've never heard of these sorts of audits before... Has anyone been through one?

[PensionPro]

One possibility is they are investigating improper revenue sharing arrangements.

http://www.investmentnews.com/article/20100207/REG/302079986

[PensionPro]

Fee disclosures and reasonable contracts may be another area.

http://www.fiduciaryadviserlaw.com/blog/20...ealers-and.html