Groom’s analysis of the Department of Labor’s (“DOL”) five-part investment advice test was referenced by 401k Specialist Magazine in the article, “Breaking Down the DOL’s Five-Part Test.”

401k Specialist Magazine reported that, according to the publication, “Under the test, fiduciaries included those who, according to Groom Law Group:

  1. Rendered advice to a plan as to the value of securities or other property, or makes recommendations as to the advisability of investing in, purchasing, or selling securities or other property;
  2. On a regular basis;
  3. Pursuant to a mutual understanding;
  4. That such advice will be a primary basis for investment decisions; and
  5. The advice will be individualized to the plan.”

To read the article, click here.