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What language should be included in a Best Interest Contract (BIC) contract for IRA investors?

There are several topics that should be outlined in the BIC including:

I. Scope of services

II. Fiduciary status

III. Impartial conduct standards

IV. Warranties

  • Policy adherence
  • Code of conduct

V. Fees and compensation

VI. Material conflicts of interest

  • Use of proprietary products

VII. Arbitration agreement

Download the sample BIC template for IRA investors >