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SEC Conducting Retirement Advice Probe

Tuesday, December 29, 2015

The SEC is conducting a deep probe of retirement advice. As part of their examination process, the SEC has sent out a 13-page document request to advisors asking how they recommend rollovers from 401(k)s to IRAs, what they charge, what conflicts of interest exist, and any compliance and supervision issues. Please click here to read a copy of their Document Request.

The SEC, along with the Department of Labor and FINRA, have prioritized safeguarding retirement accounts in recent years, and the SEC has had concerns regarding conflict-of-interest issues in pensions. Investment advisers need to be prepared for the inquiry related to retirement accounts by paying attention to special rules and “critically think about how they’re serving those clients.”

To read the complete Investment News article regarding this, please click here.

If you have questions regarding how you are managing your retirement plan clients, let Red Oak help you.

About Red Oak Compliance Solutions

Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.

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