DOL Fiduciary Rule

Now that the Department of Labor (DOL) has released its much-anticipated fiduciary rule, and the interim compliance phase is in full swing, the process of refining the program you initially set in place must occur, as well as adding the final requirements to be compliant with the requirements on January 1, 2018. 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 includes investment advisors and banks, broker-dealers and insurance agents.  The effective date of the rule was June 8, 2017, with additional provisions to be phased in starting January 1, 2018, leaving organizations with only a short time to comply with many of the new requirements. 
Firms across the financial services landscape are now working to finalize requirements to meet full compliance, while other firms have yet to implement the basic requirements of the interim period. 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. We can help firms in any stage of their analysis and implementation process.

Our consultants and experts will work with your team to:

  • Provide education and training programs in person or through webinars to bring your team and management up to speed on the new Fiduciary Duty rule, critical practices, and your firm’s obligations under the rule.
  • Perform Needs Assessments to identify the areas and gaps your firm or department must address in order to be fully compliant.
  • Develop a firm–wide plan which includes a tailored framework, weekly and monthly work streams, timelines, and accountability reports for key departments, including Compliance & Supervision, Human Resources & Compensation, Communications, and Product Line-specific divisions.
  • Work with Executive Management, Management Sponsor and Project Leader(s) to set up a Project Office: identifying key participants, budget planning, organizing accountabilities, schedules, and timing.
  • Plan and coordinate work stream, management and executive management reports.
  • Reconcile issues, conclusions, and recommendations across work streams.
  • Coordinate and manage work stream members, counsel and other external vendors and key stakeholders to keep everyone informed, motivated and engaged.
  • Develop policies and procedures, communications, and testing protocols required in resolving rule-related tasks.
  • Work with your in-house or outside counsel to develop language for the BIC contract (depending on final requirements subject to change prior to compliance date).
  • Perform periodic reviews to ensure your firm is meeting its obligations.


Bates DOL fiduciary rule resource links:

External Sources:

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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.

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