DOL Impact on my Indirect IRA Rollover
Somewhat related to a previous post:
I am in the process of indirectly rolling over a traditional IRA. The money is in my checking account and I have another 4 weeks to place the funds in a qualified account so that I can do a direct transfer to an IRA CD at another institution. My original thought was to have my advisor create an IRA brokerage account at my current institution, deposit my (1) time indirect rollover money there and then transfer funds from there, however, this now appears to be a prohibited transaction as a result of my advisor is now a fiduciary under the new DOL ruling. Is there a simple and acceptable way to get my funds into an IRA CD from another institution avoiding this issue?. Any help would be greatly appreciated.
Permalink Submitted by Alan - IRA critic on Tue, 2017-06-13 17:58
If all you are doing is a 60 day rollover from one IRA (CD or otherwise) to another and you have not done a prior rollover in the last 12 months, just complete the rollover. The fiduciary rule will be in a state of flux for sometime, but it only affects what an advisor recommends for you. Did the advisor recommend something different? If so, and you follow your own wishes and not the advisor’s recommendation, the fiduciary rule is immaterial.