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The Labor Department's final rule creating an exemption for fiduciaries on certain prohibited transactions under ERISA will go into effect after the start of the new administration.
While the structure is appealing, RIA sellers often focus more on who the partner is going to be and what they bring to the table in terms of peer groups and resources. With a SPAC, a lot of those are unknown.
The new rule allows fiduciaries in retirement plans to be exempt from certain prohibited transactions provided they adhere to a number of 'impartial conduct standards.'
The partnership with White Oak Investment Management comes several weeks after LPL purchased the broker/dealer business of Waddell & Reed for $300 million.
Speaking at the Consumer Federation of America's Financial Services Conference, the commissioner also said more Reg BI data is needed to gauge its effectiveness, but a strong fiduciary standard was critical.