Automated 401(k) Rollover May Shine As Fiduciary Solution

Rolling over can be hard to do – but it shouldn’t have to be, according to Oak Brook, Ill.-based Millennium Trust.

The Department of Labor’s fiduciary rulemaking may have unintended consequences for rolling over old workplace 401(k)s, says to Terry Dunne, managing director of Millennium Trust’s Rollover Solutions Group, as many brokers and advisors do not want to deal with regulatory burdens for smaller IRAs.

“Somewhere around 80 percent of the rollovers that come to us are from active plans, with account balances less than $5,000,” says Dunne. “Advisors don’t really have much interest in those balances.

from FA News–rollover-may-shine-as-a-fiduciary-solution-32324.html


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