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Inclusion of 'Level-to-Level' Compensation in Fiduciary Regulation a Victory for Advisors and Participants
American Retirement Association [ARA] Link to more items from this source
[Opinion]
Apr. 6, 2016
"In a big win for 401(k) plan participants, plan sponsors, and advisors alike, the Labor Department's final fiduciary regulation includes a streamlined exemption for 'level-to-level' advisor compensation. The fiduciary regulation, published in its final form today, acknowledges a special exemption for advisers and firms that receive only a 'level fee' for the advice they provide in conjunction with the decision to rollover assets from an employer-sponsored plan, such as a 401(k), so long as certain conditions are met, including an acknowledgement that the recommendation is in the customer's best interest. Level fee fiduciaries receive the same compensation regardless of the particular investments the client makes, whether based on a fixed percentage of assets under management or a fixed dollar fee."

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