DOL Fiduciary Rule

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.

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 deadlines, 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.
  • 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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