We wanted to make you aware of possible changes that may be coming to BLB&B due to a variety of governmental regulations that were approved in 2016 and are supposed to take effect in 2017. As you may already know, last year the Department of Labor (“DOL”) passed over a thousand pages of new regulations related to the investment industry. These regulations have the potential to fundamentally change how our industry and the firms within it operate. Probably the most visible change on the horizon relates to retirement accounts (401Ks, 403Bs, IRAs, etc.).
As you would expect, these regulations are extremely complicated and unfortunately have a number of unintended consequences that may limit our ability to continue to maintain certain non-managed retirement accounts at our firm. Although these rules do not take full effect until 1/1/2018, there is a phase-in period that begins in April 2017.
To further complicate matters, the incoming presidential administration has already promised it will swiftly repeal, delay, and/or alter a number of regulations imposed under the Obama administration. The recent DOL regulations pertaining to retirement accounts seem to be on the list of those that may soon be done away with or modified in some way. However, until that occurs (or not) we must proceed as if these regulations will begin taking effect in April 2017.
We wanted to call your attention to these regulations because they may impact how we provide you advice or otherwise handle your account. They may also necessitate your signature on some additional account paperwork. As we continue to work through the numerous ins and outs of these regulations to determine how they might impact our clients, we will contact you in the next month or two if necessary. You will also likely see additional disclosures on our account paperwork and our website. In the meantime, if you have any questions or concerns, please do not hesitate to contact your investment advisor here at BLB&B Advisors.