The 401k Coach Releases Fiduciary Advisor's Rollover Toolkit
HOLYOKE, MA, September 26, 2012 -- Charlie Epstein, The 401k Coach®, announces the release of The Fiduciary Advisor's Rollover Toolkit™, offering a valuable solution and formal process for financial advisors seeking to provide rollover IRA services to participants of plans they advise.
In 2005, the U.S. Department of Labor (DOL) issued Advisory Opinion 2005-23A, more commonly known as the "DOL Rollover Opinion," to curb potential abuses associated with cross-selling and "capturing" rollovers. This interpretive guidance broadly suggests that any rollover-related advice from the advisor will trigger a prohibited transaction under the Employee Retirement Income Act of 1974 (ERISA), if the advisor already provides fiduciary advice to the plan client. This is a concern for all advisors, since the test for determining whether an advisor is a fiduciary for ERISA purposes is a functional one. Any advisor that provides "accidental" plan fiduciary advice will also be subject to the restrictions described in the DOL Rollover Opinion.
"There is tremendous confusion within the entire industry, where both fiduciary and non-fiduciary advisors are not sure how to handle rollover business," says Charlie Epstein. "Advisors are prevented from providing ongoing sage and skillful advice to participants seeking this professional assistance at their distribution eligibility. In many cases, these advisors have worked with those participants for many years. Now The 401k Coach offers a by-pass to the Rollover Opinion that will ensure advisors are providing rollover services in a non-fiduciary capacity and that it is well-documented."
The Fiduciary Advisor's Rollover Toolkit was created in collaboration with Marcia Wagner, The Managing Director of The Wagner Law Group and a recognized expert in ERISA and employee benefit issues, including qualified and non-qualified plans. "We analyzed the DOL's Rollover Opinion and the underlying Supreme Court case on which it was based and created important documents to help advisors," says Marcia Wagner. Epstein adds, "This is a seminal piece of work by Ms. Wagner."
The Fiduciary Advisor's Rollover Toolkit contains a whitepaper, procedural checklist and other supporting documents necessary for advisors to successfully provide rollover services in an integral and non-fiduciary capacity. Also included, is an audio interview between Charlie Epstein and Marcia Wagner discussing the background on ERISA's prohibited transaction ruling, the DOL's Rollover Opinion, impact on advisors and how they can implement a prudent process for offering rollover services.
Mr. Epstein and Ms. Wagner will host a free 45 minute webcast on this topic on Tuesday, October 9th at 1:00 pm Eastern Time. To register, please click on (or copy and paste into your browser): https://www2.gotomeeting.com/register/813030898
To order The Fiduciary Advisor's Rollover Toolkit, please visit www.the401kcoach.com.
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