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Press Release

Matrix Financial Solutions Releases Advisor Practice Guide and Framework Ahead of the Proposed Changes to ERISA Fiduciary Rules

New Rules Highlight the Need for Advisor Awareness when Working with IRAs

LAKE SUCCESS, N.Y., Oct. 1, 2013 – The Department of Labor’s (DOL) proposed changes to the fiduciary definition regulations have caused many advisors to re-examine their business models and analyze whether they are a fiduciary to retirement plans. However, in recent months the fiduciary conversation has shifted towards the potential impact these anticipated regulations could have on Individual Retirement Accounts (IRAs). Matrix Financial Solutions, Inc., a Broadridge Financial Solutions, Inc. (NYSE:BR) company, today released a practice guide, IRAs & the ERISA Fiduciary Rules: Updates and Best Practices for a Changing Regulatory Environment that addresses the potential impact of these changes. The guide outlines the rules today, what is being proposed, the impact of the proposed changes on advisors and the steps advisors can take today in anticipation of the new rules.  The practice guide was co-authored by Cindy Dash, COO, Matrix Financial Solutions, Inc., and Pamela O’Rourke, an ERISA attorney for Integrated Retirement.

“The proposed regulations may result in more broker-dealers and RIAs being classified as an ERISA fiduciary when they provide services to IRAs,” said Ms. Dash.  “It’s important that advisors and brokers understand this evolving issue and take the necessary steps to re-evaluate their business models and compensation structures in anticipation of any regulatory changes.”

Some industry commentators and members of Congress have argued that applying the fiduciary rules to IRA activity without sufficient prohibited transaction exemptions could have a chilling effect on an individual’s access to IRA financial advice.  Matrix’s practice guide offers a three-step framework to help advisors understand this important issue:

  1. Evaluate Your Rollover Business Model
    Given the current focus on IRA rollover activity, it is prudent to analyze existing practices relative to IRA rollovers from retirement plans.  Consider whether a business model raises regulatory concerns under ERISA, as well as how the model affects your growth objectives.
  2. Assess the Rollover IRA Opportunity
    Understand the differences and benefits of traditional IRAs and Roth IRAs. Additionally, it’s important to invest the time to learn more about the rollover rules as well as to evaluate the role of IRA rollovers in a business model.
  3. Monitor New Developments
    Staying abreast of legislative and regulatory developments is critical to the success of any advisor working in the retirement industry.  This is especially true with respect to the evolving guidance regarding the ERISA fiduciary definition and IRA rollovers. Resources that may be helpful include Matrix Webinars & Updates and the DOL Newsletter.

“While we don’t know what the proposed fiduciary definition regulations will look like, it’s important that advisors and brokers take into consideration the potential impact on their future business strategies and relationships with IRAs when the rules are released.  At Matrix, we’re working with advisors and brokers to help them stay ahead of the curve so that they are not only prepared, but are better able to help their clients make the right decisions when it comes to retirement planning,” added Ms. Dash.

To assist advisors, MG Trust, a Matrix affiliate, offers an Omnibus IRA service that captures assets flowing out of qualified plans due to retirement, participant termination, or plan termination, as well as serving as a vehicle to support payroll deduction IRA plans. This solution will enable advisors to continue to manage their accounts, and may also help to reduce unnecessary rollover fees.

To access a complimentary copy of the white paper, visit

About Matrix Financial Solutions

Matrix Financial Solutions, now part of Broadridge Financial Solutions, Inc., is a leading provider of TrueOpen™ retirement products and services for third party administrators, financial advisors, banks and other financial professionals. Matrix serves more than 400 financial institutions with over $300 billion in customer assets processed through its trading platform. For more information about Matrix, please visit

About Integrated Retirement

Integrated Retirement is an independent, privately held corporation with deep retirement plan expertise and industry insights and has a proven track record of helping elite financial organizations achieve retirement plan mastery across all sales, marketing, service and support disciplines.

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