Financial news has been filled with the new DOL Fiduciary Rule, which was finalized Wednesday, April 6, 2015 and will go into effect January 1, 2019.
What is the DOL Fiduciary Rule?
Introduced five years ago, the final version of the rule requires advisers to act in the best interest of the client when giving retirement advice. The rules state that in order to be a 401(k) advisor you need to be a fiduciary to the plan and participants, putting their savings and interests ahead of your own.
How will this impact Legacy?
At Legacy, we feel that this rule is in line with our philosophy of putting clients first. As a Registered Investment Advisor (RIA), Legacy is totally independent and does not receive money or sales incentives from any product or fund.
As an RIA, we have been and will continue to be fiduciaries working in the best interest of your employees, who are saving their hard earned money for their retirement dreams.
We pride our Business Retirement Plan Solutions for having the following characteristics:
- We’re independent, so you’re not obligated to choose a product or group of funds.
- We provide regular employee education seminars and investment reviews to increase employees’ understanding and comfort of the plan. We want to increase plan participation by making it simple to get started.
- Each plan has a dedicated, experienced Registered Investment Advisor at their disposal to provide ongoing support and continual monitoring of the plan.
- Our services include annual review of Third Party Administrator and plan fees, testing, participation rates and fee disclosures, ongoing fiduciary fund analysis and more.
- We help determine if your plan platform has a return of concession feature, which means there may be extra fees paid to a fund that can be returned back to the participants.
Legacy’s Business and Retirement Plan Solutions was started with a mission to help employees and business owners understand the benefit of a great retirement plan. We strive to listen, understand and help businesses reach their goals, while also teaching and working with employees to help them achieve their retirement dreams. We’d love to help your business today. Contact us to see how we can make your benefits a tool to attract and retain the right employees.