DOL Final Fiduciary Rules Impact on Solo 401k and Self-Directed IRA LLC

In mid December of 2020, the Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) released  its fiduciary prohibited transaction exemption  (PTE) 2020-2  providing guidance to investment advisors who consult 401k and IRA investors. PTE 2020-2 also aligns with the Securities and Exchange Commission’s Regulation Best Interest — a rule that industry officials say will have a significant impact on rollover recommendations and advice to IRAs including self-directed IRA LLCs and self-directed solo 401k plans.

PTE 2020-02 requires advisers to take the following into account when providing recommendations and advice to retirement account holders of retirement account’s such as IRAs and 401k plans, for example:

  • receive only reasonable compensation;

  • make no misleading statements in the course of their advising; and

  • act in the client’s best interest.

Tags: , , ,

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

Post a Comment

Your email is never published nor shared. Required fields are marked *

You may use these HTML tags and attributes <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>



  • Popular Video

  • ROBS 401k Funding Process

  • Solo 401k Contributions Including Mega

  • Checkbook IRA LLC

  • About MySolo401k

    We help our clients take control of their retirement money. Our products and services provide our clients the freedom to invest their retirement savings in their own business as well as alternative investments such as real estate, private companies, promissory notes, precious metals, tax liens and equities.
    Learn more

    Connect with us

  • We’re here to help.

    Call: 800-489-7571


    8:00 am - 4:00 pm PT

    Why us?