Larry notes that “recommendation” is not defined in Reg BI. Ultimately, turns on whether communication could be reasonably be viewed as a call to action and implicit hold recommendations. It does not include: general financial/investment information, general descriptive information re. retirement plans, asset allocation models, certain interactive tools, advertising/marketing.
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.