The notice is intended for the broker-deal and investment advisor community. FINRA, however, also does some excellent materials intended for the general public, the clients.
A few weeks ago, they published the following: <http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/RetirementAccounts/P436001
It's a great piece which starts like this:
The tips which follow are so good that at least one popular investing site put them up (in a rather annoying "ten things" format where each tip was on its own page and you had to click through 10 times to see it all).
With respect to questionable behavior on the part of advisors, the issue is that not all former-employer 401(k) accounts should be rolled over either into IRAs or into qualified annuities -- both of which can be very profitable products, especially for the non-fiduciary broker-dealers and insurance agents.
Even for the fiduciary financial advisors, many of whom are "fee only" but, in fact, paid a fee which is a percentage of assets under management, the same conflict of interest may be there - the advisor may not get the advisory fee (or not the same advisory fee) for assets which remain with your former (or current) employer. So, again, there may be a conflict of interest.
That said, in many cases, the best course of action is to roll the former employer's 401(k) plan balance into an IRA, so if your advisor recommends this, don't assume the worst. But make sure that the advisor has considered -- and explained to you -- the various alternatives and both the advantages and disadvantages of each.
[The above is taken directly from <https://meyersmoney.wordpress.com/2014/02/23/finra-warns-about-401k-rollovers-lets-talk-again-about-conflicts-of-interest/