Now that the Department of Labor (DOL) has released its much-anticipated fiduciary rule, the process of determining its true impact on the securities industry begins. The rule itself expands the definition of a “fiduciary” under the Employee Retirement Income Security Act (ERISA) by applying a fiduciary standard to anyone providing retirement investment advice (IRAs and ERISA-covered plans) for compensation. This expanded definition will include investment advisors and banks, broker-dealers and insurance agents. The effective date of the rule is April 2017, with some additional provisions to be phased in starting January 2018, leaving organizations with as little as twelve months to comply with many of the new requirements.
Firms across the financial services landscape are now working to determine whether and how to reshape their organizations in order to meet the requirements of this new Rule. Bates Group’s DOL fiduciary duty, compliance, broker-dealer, investment advisory, and insurance professionals are available to help clients navigate their implementation of and response to the DOL’s new standard on a consulting and project management basis.
Bates Group is with you every step of the way. Contact us today for more information on how our End-to-End Solutions can help your firm.Contact Bates Group