IM Coffee Chat - Session Thirteen: ERISA’s Five-Part Investment Advice Test - The DOL Changes Course

Date: April 21, 2021

Time: 10:30 a.m. - 11:00 a.m. ET

Contact:, 513.352.6748

A complimentary webinar presented by Thompson Hine LLP

Join us for a mid-morning break each Wednesday to chat about hot topics and trends relevant to your business. Our concise and practical discussions will focus on a variety of developments that impact financial service industries, and we’ll offer insights and considerations that will certainly be of interest to you.

Wednesday, April 21

10:30 – 11:00 a.m. ET

Session Thirteen: ERISA’s Five-Part Investment Advice Test - The DOL Changes Course

In this session of our Coffee Chat series, we will examine the Department of Labor’s (DOL) recently updated parameters for determining when a person provides investment advice triggering ERISA fiduciary status as outlined in its five-part test. We will also delve into how the DOL’s interpretation of the five-part test has changed with respect to rollover recommendations and when investment professionals providing such recommendations become ERISA fiduciaries. Finally, we will discuss the availability of a new prohibited transaction exemption (PTE) to address the inherent conflicts of interest that arise when rollover recommendations rise to the level of investment advice.

We will discuss the following topics:

  • Background on the five-part test
  • The DOL’s past treatment of rollover recommendations
  • The DOL’s revised view
  • The new PTE and its application to rollover recommendations
  • Possible future related action by the DOL


Upcoming program in this series (you must register separately for each):

*Please note the date change for this upcoming session.

Contact Elise Hoffer