Pioneer Investments is offering registered investment advisors a new tool to help them comply with the U.S. Department of Labor's new fee disclosure rules. The company has devised a model advisory agreement designed to meet the requirements of rule 408(b)(2), which requires they provide 401(k) sponsors and other retirement fiduciaries with standardized disclosures about their business before they provide advisory or other services to retirement plans.
The regulation, which takes effect July 1, requires RIAs and other covered service providers to provide written disclosure regarding their services, compensation and fiduciary status to retirement plan clients in advance of entering into contracts.
To develop the Advisory Agreement, Pioneer partnered with two leading firms in the area of retirement plan fiduciary responsibility, Drinker Biddle & Reath LLP, a national law firm, and fi360, a specialist in investment fiduciary responsibility.
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