Louis S. Harvey
| Published by Dalbar | Aug 23, 2016
Complying with the Best Interest Contract Exemption (“BICE”) requires a mountain of paperwork that commits, promises, and makes disclosures. Developing this paperwork is an enormous challenge but standing by the commitments, promises and maintaining accurate disclosures present an even greater burden for Financial Institutions and Advisers
The structure of contractual commitments, promises and disclosures was designed to make it easy for plaintiffs to win cases against Financial Institutions and Advisers. With an enforceable contract in place there is no longer a need to show malicious intent or a violation of complex laws. Any client can win a case in virtually any court if the contract terms are violated...