DOL rollover checklist

43 votes

Maintain written documentation of the specific reasons that any recommendation to rollover assets from an ERISA plan to an IRA, from one IRA to another IRA, or from one type account to another (such as a commission-based account to a fee-based account) is in the best interest of the retirement investor.

Under consideration Suggested by: JC (02 Mar, '22) • Upvoted: 30 Nov • Comments: 8

Comments: 8

04 Jun, '21
Steve Hoglund Merged
With the looming enforcement come Dec. 2021, i think this is a super important checklist. Could we change the suggestion name to add the word "rollover"? I was searching and had trouble finding this suggestion, almost created a new suggestion.
19 Oct, '21
Allen Gibson Merged
Great idea.
13 Jun, '22
ChrisGranger Admin
""Should I Roll Over My Dormant 401(k)" Checklist" (suggested by Kevin on 2020-12-16), including upvotes (3) and comments (1), was merged into this suggestion. Original comment from this merged suggestion: "The existing flow chart is great, but this would be even better if it could be formatted into some form of a checklist. From a compliance standpoint, this would be a great document to be able to archive in the client record for every time the rollover discussion/recommendation occurs."
15 Jun, '22
ChrisGranger Admin
Comment in an email from one of our members. Adding it here for reference: "Here's a suggestion for a REALLY useful form that all RIA/IARs should have: a checklist with space for adding comments for screening for a 401(k)/IRA rollover to an advisor's management. The DOL and the SEC are going to start getting much stricter about this, and advisors need to document these decisions. It would be perfect having this checklist linked to Wealthbox or another CRM ASAP. This goes into the category of "ESSENTIAL" for any advisor."
16 Jun, '22
ChrisGranger Admin
"Prohibited Transaction Exemption" (suggested by Ed on 2021-05-21), including upvotes (6) and comments (1), was merged into this suggestion. Original language from this merged suggestion: "New DOL/SEC rulings regarding prohibited transactions and best interest rollover guidelines....either a checklist or flow chart that where we can document each decision/justification to keep fiduciary IAR's in compliance. I realize it's like eating jello with chopsticks but this would be helpful."
16 Jun, '22
ChrisGranger Admin
"PRINCIPAL TRANSACTION EXEMPTION" (suggested by bruce roberts on 2021-11-01), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "PRINCIPAL TRANSACTION EXEMPTION."
23 Jun, '22
ChrisGranger Admin
"Flowchart to satisfy Reg BI and PTE 2020-02" (suggested by scott benjamin on 2022-06-21), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "create interactive flowchart to identify reasons that satisfy Reg BI and PTE 2020-02"
18 Feb
Justin Waller
I just added a suggestion similar to this with a suggestion of drop downs. Could be merged into this one.