A Step-By-Step Process To Handle Retirement Plan Rollover Conversations, With Leo Rydzewski

Leo Rydzewski, General Counsel and Managing Director of Professional Ethics at the CFP Board, joins the Financial Advisor Technician podcast to discuss how advisors should handle 401(k) rollover conversations. He walks through the CFP Board's fiduciary standard and its new guide to applying fiduciary duty to rollovers, including identifying, disclosing and managing conflicts of interest. The episode lays out a seven-step duty of care process for analyzing rollover recommendations, from gathering client and plan information to comparing the employer plan against alternatives.

1. Rolling assets into an IRA may offer benefits but can also create conflicts of interest for the advisor.
2. The episode covers the CFP Board's fiduciary standard and its new guide to applying fiduciary duty to rollovers.
3. Rydzewski details a seven-step duty of care process for analyzing rollover recommendations, including what information to gather about the client and the retirement plan.
4. He explains why cost alone shouldn't determine the recommendation, why a rollover shouldn't be treated as the default, and why some rollover-related decisions may be difficult to reverse.