DOL Rule for RIAs

Scenario: A client says my firm downsized and I want to roll the asset over to an IRA and have us manage the assets. We explain the due diligence we must do for the new DOL rules. The client says I don’t care the difference in expenses or assets I just want it rolled over and you manage it.

**Question: ** Will the firm meet the DOL requirements if we prepare a document for the client’s signature that says exactly what the client’s wishes are? It seems that if we’re putting the interests of the client first, then their wishes should come first. We can discuss their options without going into details of expenses and investments. However, if they want everything consolidated with us, aren’t we meeting their needs first?

Sidenote: We are strictly an RIA that does not sell product

Thank you in advance for your response.

Sign In or Register to comment.