Firms will also have to include a statement on their websites about how revenue-sharing arrangements impact advisor compensation and mention benefits provided to product manufacturers from the payments.
Broker Pay, Bonuses Scrutinized Under DOL Rule
April 25, 2016
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Brad.. You make a good point. In listening in to yesterday's TD Ameritrade webinar re the DOL Ruling, the attorney stated that because SEP IRA's currently fall under ERISA that moving remaining IRA's under the DOL's Ruling went frankly uncontested.
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I understand that the DOL staff and many magazine writers don't fully understand what they are asking for or talking about. First off the Department of Labor does not have jurisdiction over IRAs as they are under the U.S. treasury and not ERISA so it has amazed me that topic has not been brought up. One could assume that under the DOL BIC requirements might task brokerages with providing compensation paid for retirement accounts but neither DOL or the U.S. treasury has jurisdiction over normal market transactions or mutual fund or insurance sales that are not classified retirement accounts so how would the brokerage differentiate the rep's compensation when in fact many reps probably do not do any sort of retirement transactions.