Understanding the DOL "Fiduciary Rule."
Boulevard Wealth Management, Inc. (dba BOULEVARD, "the Firm") is entirely governed by the 1940 Investment Advisers Act ("the Act") which requires a fiduciary standard in all areas of operations. In 2016, the Department of Labor (DOL) leveraged its authority under the the 1974 Employee Retirement Income Security Act (ERISA) governing retirement accounts, to require retirement accounts to be handled by financial professionals under a Fiduciary Standard - whether or not they are governed by the 1940 Act. The DOL Rule is scheduled to take effect in April, 2017. Importantly, non-retirement accounts and other non-qualified financial products are not subject to the DOL Rule. In the interests of clarity and simplicity, nothing BOULEVARD does in serving its client families, is done without a Fiduciary Standard. Further, the firm has submitted its feedback to industry regulators and government officials, to contribute thought leadership to the issues at stake - namely, the lack of clarity and simplicity inherent in the DOL Rule. The firm appreciates the spirit of the DOL Rule, and recognizes that it was made in lieu of a more universal rule for financial professionals contemplated by the SEC from 2010-Present. However, BOULEVARD believes that a fiduciary standard of care (not fiduciary authority) should be taken across all non-bank, retail financial services. Please Click Here to view the firm's 2016 letter to industry regulators and government officials.
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