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The Fiduciary Rule means that advisors need to more clearly demonstrate how they’re working in your best interest to help you reach your retirement goals, and show that they’re maintaining transparency and objectivity through the retirement planning process.
In recent months, you may have heard that the Department of Labor (DoL) has expanded its expectations under a new Fiduciary Rule. The rule clarifies how people will receive advice on retirement assets held in individual retirement accounts (IRAs), 401(k)s and other account types, and requires that financial advisors are working in their clients’ best interest.
An important part of PNC Investments' business philosophy is to educate our customers and offer insight into events and issues that may impact their financial life. As such, here is some information on what the Fiduciary Rule means and the impact it may have on retirement accounts held with PNC Investments and other institutions.
When we seek medical advice, we expect our doctors to recommend treatments that are best for our health. When we seek legal advice, we expect our attorneys to work solely in our interest. We should expect nothing less when we seek financial advice.
— Thomas Perez, U.S. Secretary of Labor
The intent of the Fiduciary Rule is to ensure that those paid to provide retirement investment advice are acting in the best interest of the client. Common sense, right? At PNC Investments, we think so.
For many years, regulation has required financial advisors to act in accordance with a suitability standard (called FINRA rule 2111) when providing advice to clients with brokerage accounts. Suitability simply means that the advisor has “reasonable basis to believe a recommended transaction or investment strategy … is suitable for the customer.” The Fiduciary Rule goes further, requiring advisors to act under a stricter fiduciary standard. This means that financial advisors are required to put their clients’ best interests first. Product recommendations cannot be influenced by potential compensation or commission that the advisor may receive.
Always talk with your personal legal or tax advisor about your unique situation and accounts held.
I currently work with a PNC Investments Financial Advisor. Will I continue to work with him/her in the same way that I do now?
Yes. Your PNC Investments Financial Advisor will continue to provide you with retirement investment advice.
Will this affect the type of investments I can use for retirement?
PNC Investments will continue to offer a broad suite of products to support your retirement goals and objectives.
What happens to my current retirement investments?
Your existing retirement investments will remain in place at this time and will continue to be invested according to the plan you have implemented in support of your financial goals. You will receive additional information in the future regarding how you and your PNC Investments Financial Advisor will work together to manage these investments under the Department of Labor Fiduciary Rule guidelines.
If I have retirement accounts held with other financial institutions, how can I know that these advisors are acting as fiduciaries?
All advisors must follow the Fiduciary Rule set forth by the Department of Labor. However, some financial institutions do not intend to meet the requirements of the rule and are exiting the retirement business. Others have announced that they will be reducing the investment product choices available for use in retirement accounts. Some are telling clients who don’t meet certain asset level requirements that they won’t be able to service them any longer. You should call your advisor and ask about how these changes may affect you and your account relationship.
If you do not have a PNC Investments Financial Advisor but have questions about the Fiduciary Rule, please ask us. Call 1-855-PNC-INVEST or visit your neighborhood PNC branch.
Is there anything that I need to do?
There is nothing that you need to do now. In the coming months, PNC Investments will provide communications to retirement account clients confirming the fiduciary nature of their relationship. You will not have to do anything to confirm that relationship. If any other changes need to be made that impact your accounts, we will let you know. As always, contact your PNC Investments Financial Advisor with questions or call 1-855-PNC-INVEST.
If you’re just starting out or you’ve been planning for some time, you can receive retirement insight and guidance every step of the way.
This material is meant to educate and not to provide legal, tax, accounting or investment advice. PNC Investments and its affiliates and vendors do not provide legal, tax or accounting advice.
Important Investor Information: Brokerage and insurance products are:
Not FDIC Insured • Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose Value
Securities products, brokerage services and managed account advisory services are provided by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member FINRA, and SIPC. Annuities and other insurance products are offered through PNC Insurance Services, LLC, a licensed insurance agency.
This document provides information on additional compensation that PNC Investments receives from certain mutual fund companies, 529 plan program managers and insurance companies.
This material does not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so.
PNC Investments does not guarantee the performance of any investment. Investing results may vary. Investments may lose money. Diversification and asset allocation may not prevent a loss of investment.
PNC Investments LLC, PNC Insurance Services, LLC and PNC Bank, National Association are each affiliated with The PNC Financial Services Group, Inc.
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