There are two different versions in the exemption, each with respective limitations and benefits that advisers and their institutions must master
May 27, 2016 @ 1:12 pm | By Greg Iacurci | Investment News
The Best Interest Contract Exemption is one of the main pillars of the Labor Department’s fiduciary rule.
Without it, many brokers and advisers wouldn’t be able to continue doing business in retirement accounts under current business practices and compensation arrangements. But with it, there is a way forward (albeit with more compliance requirements and litigation risk).
However, there is a sort of duality to the exemption that will dictate how firms can forge ahead: what has become known generally in the industry as BICE versus “BICE Lite,” each with its own specific requirements and trade-offs.
I had no idea this service existed. I could have used it years ago! Great presentation and service!