"[T]he Final Regulation clearly provides that one does not become a fiduciary merely by marketing oneself or an affiliate as a potential advice fiduciary, unless that recommendation is coupled with an investment recommendation. Thus, a fee-based adviser can freely 'recommend' his or her services. However, this may be a pyrrhic victory because the vast majority of such 'hire me' recommendations are likely to be made in conjunction with an investment recommendation.... [T]he streamlined BIC Exemption may not provide relief for recommending a rollover into an arrangement if the program's fees are levelized only at the firm level and not across the entire organization.... [A]bsent 100% level fees, recommending a rollover from one IRA to another will likely require a written contract and compliance with the full BIC Exemption."

MORE >>