Investors seeking professional help on how to invest rollover assets from their retirement plans or IRAs are now armed with a number of probing questions for their financial advisors, courtesy of the U.S. Department of Labor’s publication, “Choosing the Right Person to Give You Investment Advice,” which went live April 13.

While written for investors, the seven areas of scripted questions is also a must-read for advisors because the questions drive to the heart of the DOL’s enforcement of its new fiduciary advice regulations (PTE 2020-02), according to Dalbar, an industry audit and evaluation firm.

“If you want to get inside the head of the DOL with respect to the new rollover rule and consumer protection, this latest release for investors is a great place to start,” Dalbar chief marketing officer Cory Clark said in a statement.

He noted that Dalbar has crafted a white paper to help advisors and their firms comply with the new rollover rules.

The white paper highlights the seven lines of questioning the DOL recommended for retirement investors who are considering a rollover. It also breaks down the benefits, hurdles and requirements of the rollover business for each of what Dalbar labels as the three tiers of investment professionals: non-fiduciary, “pure robos” and rollover fiduciaries. In addition, Dalbar’s white paper provides responses to the seven lines of questioning, with these responses tailored to the three tiers of investment professionals.

The questions the DOL wants investors to ask advisors are pointed and advisors’ answers will serve as a potential roadmap for DOL investigators, Dalbar said.

For example, the DOL wants investors to ask: Are you a fiduciary under the federal laws when you give me investment advice for my retirement account?

If you have no plans to serve as a fiduciary, Dalbar recommends you answer: “My role is not to advise you to rollover or not rollover and I am not your fiduciary in this respect. If you would like assistance in making that decision, I can refer you to a specialist in that area.”

The rest of the white paper offers similar Q&A prep regarding rollovers.