A Step-By-Step Process To Handle Retirement Plan Rollover Conversations, With Leo Rydzewski

While 401(k) rollover conversations are common for financial advisors, they also represent a major decision point for clients and come with investment, tax, and fee considerations. Rolling over assets into an IRA may offer valuable benefits for the client, but it can also create conflicts of interest for the advisor. Which means that a thorough evaluation of all options and disclosure of potential conflicts of interest and may not always be the best option for the client can both help an advisor fulfill fiduciary responsibilities while also buildng client trust. In this episode, Leo Rydzewski, General Counsel and Managing Director of Professional Ethics at the CFP Board, explores the fiduciary responsibilities advisors need to consider and how they can incorporate them when navigating rollover conversations.  Listen in as Leo explains the CFP Board's fiduciary standard and its new guide to applying fiduciary duty to rollovers, including how advisors can identify, disclose, and manage conflicts of interest. You'll learn about the seven-step duty of care process for analyzing rollover recommendations, what information advisors should gather about the client and their retirement plan, how to compare an existing employer plan with alternatives, and why cost alone shouldn't determine the recommendation. Leo also explains why it's important not to treat a rollover as the 'default' option, why some rollover-related decisions may be difficult to reverse, and how monitoring and updating advice can turn the rollover conversation into an ongoing part of a strong client relationship.  For show notes and a full episode transcript, visit: www.kitces.com/FAT10     Click here to learn more about becoming a Kitces.com premier member.