Download Our Checklist: 10 Steps an RIA Firm Can Take to Comply with the DOL Fiduciary Rule

As of June 9, 2017, all registered investment adviser ("RIA") firms are required to comply with Department of Labor ("DOL") fiduciary rule. During the "transition period" from June 9, 2017 to January 1, 2018, RIA firms will need to comply with the "Impartial Conduct Standards" when providing investment advice to applicable retirement accounts including IRAs.

To address some of the common questions we receive regarding the DOL fiduciary rule and the "Impartial Conduct Standards", we created a checklist that outlines some key steps an RIA firm can take to comply with the new requirements. A few items addressed in the checklist include: 

  • How to Comply with the Impartial Conduct Standards: Become familiar with the Impartial Conduct Standards requiring "best interest" advice, charging no more than reasonable compensation, and making no misleading statements.
  • Documentation of Investment Recommendations: Implement a new internal compliance process to review the diligence documentation on the proposed investment recommendation before the recommendation is made to the client.
  • New Policies and Procedures: Establish additional compliance policies and procedures around staff onboarding, training, and client account review to ensure ongoing compliance with the rule.

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Note: RIA in a Box LLC is not a law firm, investment advisory firm, or a CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities as this information should not be relied upon as currently accurate. This information is provided for educational purposes only and is not an exhaustive list of regulatory requirements.