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Financial Life Planning Advisors

Ahead of the Curve on DOL Fiduciary Rule

The Department of Labor (DOL) is a U.S. Government cabinet body responsible for administering and monitoring over 180 federal laws, including those relating to the minimum wage, working conditions, workplace discrimination, retirement, and unemployment. One main body of law the DOL administers and enforces is the Employee Retirement Income Security Act (ERISA).

ERISA regulates employers who offer pension and other retirement plans or welfare benefit plans for their employees, as well as their service providers. Title I of ERISA is administered by the Employee Benefits Security Administration (EBSA), the DOL agency responsible for overseeing a wide range of fiduciary, disclosure and reporting requirements for pension and welfare benefit plans and on those who have dealings with these plans.

The new Rule is intended to create an environment where investment advice for a client’s retirement account is always provided in the best interest of the client. Clients that fall under this rule include IRA owners, sole proprietors with Keogh or solo plans, as well as Plan Sponsors and participants in ERISA retirement plans.

What Is Fiduciary Duty?

The DOL Rule was created to introduce the concept of fiduciary duty to investors. Here at PBS Wealth Management, we have always worked as fiduciaries. We are advisors who are responsible for providing you investment advice with the care, skill, prudence, and diligence of a responsible person.

Our advice is given based on your investment objectives, risk tolerance, financial circumstances, and needs, without regard to the financial or other interests of our advisors. Simply put, we will never put our own interests ahead of our investors’, and strive to offer financial advice that is free from conflict.

How Might the Rule Affect You as a Client?

Under the new Rule, you will continue to receive investment advice that is focused solely on your interests. Your Financial Advisor will provide updates to you about any new procedures, which will be required as the Rule’s implementation draws near (June 9, 2017).

At PBS Wealth Management, our objective has always been and will continue to be focused on creating an environment where investment advice for your retirement account is always provided in your best interest. 

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Check the background of this financial professional on FINRA's BrokerCheck