Chicago attorney Josh Waldbeser was quoted in a ThinkAdvisor article titled, “DOL Releases FAQs on Fiduciary Rule.” The DOL’s long-awaited frequently asked guidance on its fiduciary rule was released on October 27. The guidance answered 34 questions related to new exemptions and amendments to existing exemptions.
Josh states that as anticipated the FAQ provides “no significant surprises or reversals," with most of the answers fleshing out "the general principles set forth in the exemptions." Josh notes that some clarity surrounding the grandfathering relief is provided in the FAQs. While there are some potential trouble spots, Josh also notes that one of the FAQs provides alternative sources of information to rely on where information about the specific plan isn’t given to the adviser.