As with many issues related to the Department of Labor’s new fiduciary rule, LPL Financial’s approach to IRA rollovers is complicated.
The firm says that it has not instituted new policies regarding rollovers. It has, however, shared “new guidance” with its hybrid advisors after some of them asked for such information. This step was complemented by a conference call.
“From an advisor’s perspective, there’s just a lot of change management related to the DOL rule, and some of them wanted more clarity on rollovers,” said LPL spokesman Jeff Mochal, in a statement.
According to the independent broker-dealer, LPL has “an education-only policy with respect to rollovers.”
This means advisors can speak with clients in general terms about rolling over their retirement accounts, along with other options. Advisors also can accept investor-directed rollovers.