Over the years, many advisors in the bank channel have discovered that marketing and advising on 401(k) plans to small and midsize employers can be an excellent way not just to pick up business, but also to cultivate productive relationships with wealthy owners of those businesses. Moreover, there are the employees who, over time, can build up significant retirement assets in their accounts.

Sounds good, right? However, recent changes in the ERISA section 404(a)(1)(A) and (B) rules regarding those tax-advantaged retirement savings plans by the Department of Labor, which oversees ERISA standards, are turning that business growth strategy into a dangerous minefield for advisors.

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