The representation of broker-dealers and registered investment advisers is a significant part of our ERISA and securities practice. With that in mind, we thought it might be helpful to the advisory community if we periodically describe some of the projects that we are working on. In that way, advisers, whether BDs or RIAs, could get a sense of the issues that other advisers are addressing in the retirement plan arena.
So, here are some of the projects that we are currently working on:
Advice concerning fiduciary status for the creation and management of asset allocation models.
Advice concerning prohibited transaction and fiduciary issues for the use of affiliated mutual funds, collective trusts and similar proprietary investments in advised 401(k) and 403(b) plans.
Distinguishing participant-level investment education from fiduciary investment advice, and the steps that should be taken to document non-fiduciary investment education.
Creation of internal policies and procedures for broker-dealers who do not intend for their advisers to become fiduciaries.
Creation of internal policies and procedures for advisers who may become investment advice fiduciaries, including assistance with the developments of qualification criteria for those advisers.
Review and analysis of agreements for fiduciary investment advisers.
Those are a few of the matters we are working on. We hope that it gives you a sense of the types of projects that broker-dealers and RIA firms are developing.