Upcoming Fidelity Webinars:
Fixed Income 2024: Navigating the Bond Market
Tuesday, April 2nd
4:00pm ET
Click here to Register
Final DOL Fiduciary Rule–On Its Way, Topic on “Policy in 30”
Wednesday, April 10th
2:00pm – 2:30pm ET
Policy in 30 Webinar: Road Ahead for Public Policy and the Markets
Click here to register
Read more about each webinar below.
From Fidelity:
Fixed Income 2024: Navigating the Bond Market
In the past few years, yields have risen, reshaping the fixed income landscape. Join fixed income portfolio managers Ford O’Neil and Celso Muñoz for a moderated discussion around how they are navigating bond market opportunities. Please come prepared with questions to participate in this engaging discussion. We hope to see you there!
Featured Fidelity experts will cover:
- Why Fidelity believes fixed income may be better positioned to provide diversification, and income than it has been in recent history
- The broad range of potential outcomes for 2024, including thoughts on inflation, the Fed’s path forward on rates, and probability of a recession
- How Fidelity’s fixed income portfolio managers are uncovering opportunities, including the team’s latest thinking on portfolio positioning and sectors they like
Speakers: Nils Bierkamp, PhD, Vice President, Fixed Income Strategist, Fidelity Investments; Celso Muñoz, Portfolio Manager, Fidelity Investments; Ford O’Neil, Portfolio Manager, Fidelity Investments
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From Fidelity:
Final DOL Fiduciary Rule–On Its Way
Is your firm ready?
On October 31, 2023, the Department of Labor (DOL) released a new fiduciary advice proposal: Retirement Security Rule: Definition of an Investment Advice Fiduciary (“Fiduciary Rule Proposal”). The Fiduciary Rule Proposal includes an updated definition of who is considered an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The proposal expands the scope of activities that are considered investment advice and therefore subject to a fiduciary standard. This proposed rule and definition of who is a fiduciary will apply to those who provide investment recommendations to qualified plans, IRAs, and HSAs. On March 8, 2024 the DOL submitted its final rule to the Office of Management and Budget (“OMB”). This means following review and the opportunity for interested parties to meet with the OMB, the new Fiduciary Rule is likely to be published and final within the next few months.
What does this mean for your firm?
The Fiduciary Rule Proposal would expand the coverage of interactions considered investment advice and, as a result, subject to the new fiduciary standard. This may have a significant impact on your dealing with retirement investors, including interacting with those prospects and customers who have IRA accounts or those who you are advising whether or not to roll assets into an IRA account. This could also potentially expose firms to a new or additional regulator, the DOL, which has the oversight over fiduciaries that make recommendations covered under the Fiduciary Advice Proposal (e.g., registered investment advisors may become a “fiduciary” under ERISA and subject to DOL regulation in addition to SEC oversight). The DOL’s stated goal of the Fiduciary Rule Proposal is “protect retirement security,” and one of the new areas where it would do so is by covering advice to roll assets out of an employer-sponsored plan to an IRA.
Areas of focus included in the Fiduciary Rule Proposal that may be part of the final Fiduciary Rule include annuity recommendations, IRA rollovers and transfers, and product investment recommendations.
Next Steps
There is still quite a bit unknown in regards to what will be included in the final Fiduciary Rule and how the industry and public will react. Firms should review current policies and procedures to be ready in the event changes are needed to impacted services.
On April 10, the Fidelity Government Relations & Public Policy Team will be hosting a Policy in 30 Webinar where the upcoming Fiduciary rule will be a topic. Click this link to learn more and sign up.
Fidelity is committed to supporting your business and helping you navigate the current and complex regulatory landscape as it continues to change. Once the final Fiduciary Rule is published, Fidelity will provide additional communication regarding webinars and other educational materials. Please contact your relationship manager to learn more.
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