Reg BI and Fiduciary Obligations Part 2: Documentation, Conflicts, and Rollover Recommendations

In Part 2 of this Oyster Stew conversation, Ed Wegener continues the discussion with compliance experts Brent Nicks and Len Derus—this time focusing on the most pressing challenges firms face in applying Reg BI and fiduciary duty in practice: documentation, compensation conflicts, and rollover recommendations.

What You'll Learn in Part 2

• Documentation Expectations: When to document recommendations—and when not to—including product complexity, costs, and client-specific factors.
• Supervisory Oversight: Why cookie-cutter rationales can create risk and how firms can monitor for consistency across reps.
• Compensation Conflicts: Practical strategies for mitigating compensation-driven incentives and leveling payouts to reduce bias.
• Rollover Recommendations under PTE 2020-02: How to document IRA rollovers, justify added costs, and align practices with both Reg BI and fiduciary standards.
• Technology vs. Forms: The pros and cons of manual versus technology-driven documentation processes—and how to strike the right balance.
• Training and Monitoring: How tailored training and compliance monitoring help ensure reps are following procedures and avoiding systemic risks.

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