Sarah mentions that the fiduciary duty applies to advice re. rollovers and to prospective clients. In terms of satisfying the fiduciary standard of care, merely selecting the lowest cost product is not sufficient. With respect to the duty of loyalty, informed consent can be explicit or implicit and need not be in writing. However, such conflicts may be of such a nature that full and fair disclosure may not be enough.
George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.