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IRA specialist Ed Slott. IRA specialist Ed Slott.

The Securities and Exchange Commission’s Regulation Best Interest requires advisors and broker-dealers to have a process to document their rollover recommendations — something most advisors don’t have, warns IRA and tax specialist Ed Slott.

“Most advisors don’t have a process in place to cover what the SEC Reg BI requires as to giving the clients the pros and cons of each option — roll over to an IRA, keep the funds in the plan, take a lump-sum distribution, convert to a Roth IRA or any combination of these,” Slott, of Ed Slott & Co., told BenefitsPRO’s sister site ThinkAdvisor in a Monday interview. “Reg BI requires a process for this.”

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Melanie Waddell

Melanie is Washington Bureau Chief, Investment Advisory Group. She also covers regulatory and compliance issues. Her column, The Playing Field, appears in Investment Advisor and on ThinkAdvisor.com, and she also writes the briefing and produces the podcast, Human Capital. Earlier in her career, Melanie covered financial issues at American Banker/Thomson Media publications in Washington and New York. She also wrote freelance articles for Institutional Investor in New York. You can reach her at [email protected] On twitter: @Think_MelanieW

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