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:
- 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;
- On a regular basis;
- Pursuant to a mutual understanding;
- That such advice will be a primary basis for investment decisions; and
- The advice will be individualized to the plan.”
To read the article, click here.