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Fiduciary Status for the Unwary
Drinker Biddle Link to more items from this source
Dec. 19, 2018

"Since the determination of whether a broker-dealer is a fiduciary is 'functional,' that is, based on conduct, courts consider all of the facts in the relationship in determining whether the five-part fiduciary advice test is met. This includes the terms of the service agreement between the parties, as well as the conduct of the broker and the client's reliance on the broker's suggestions. Relevant factors may include: the regularity of the advice; the length of the relationship; the broker's knowledge about the plan client; the client's expertise in financial matters; whether the client is receiving any other investment advice for the plan assets; and whether the client has ever rejected the broker's recommendations."

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