$1 trillion in annual 401(k) rollovers prompted CFP Board to publish a new fiduciary guide for advisers weighing whether clients should move assets from employer plans.
The guide applies a 7-step duty-of-care process to rollover advice and says advisers must disclose and manage material conflicts of interest tied to IRA recommendations.
It also lays out four alternative courses of action, 10 plan features to compare across options, and eight characteristics advisers may assess before making a recommendation.
CFP Board said millions of rollovers occur each year and warned that conflicted or poor advice can saddle savers with unnecessary costs or significant tax penalties.