In this blog post, guest contributor David Witz of FRA Plan Tools, reviews how the DOL’s Fiduciary Rule will change the role and structure of the solicitor.
The new Department of Labor fiduciary ruling is one of the most transformative pieces of legislation to affect financial advisors in recent memory. And while the exact nature of the consequences are yet to be determined, that doesn’t mean you can’t be proactive and prepare your business for the new challenges ahead.
The new DOL Fiduciary Rule has not prohibited the solicitor structure, but the DOL has made a solicitor a fiduciary under ERISA; and as a fiduciary the solicitor now has more liability and responsibility. Does that hail the end of Solicitor Arrangements?
Check out a replay of our live webinar, Answer Your Clients Tough Questions with Monte Carlo. Hosted by our Senior Financial Planning Analyst, we provide a conceptual understanding of the Monte Carlo methodology and show the value of using this method with clients.
Although the underlying math is complex, the theory behind Monte Carlo is simple. And thanks to the wonders of modern technology, these projections can now be run in seconds and applied to almost any plan or portfolio.
The wait is over. The OMB has released the Department of Labor’s(DOL) new fiduciary definition along with the promised exemptions. Without question, this new rule will affect every financial institution and advisor that sells and services retirement plans, IRAs and HSAs.
Every week, the eMoney Training Team takes you through some of the best features in eMoney to help you discover even more ways our technology works for you. This week, we cover common techniques for putting your clients’ minds at ease when in the Needs Analysis and Decision Center area of our system.
Before the new SEC fiduciary standard is published, advisors with a 401(k) and IRA Rollover practice and those advisors operating as investment managers of QDIAs have become a target for on-site examinations by the SEC’s Office of Compliance Inspections and Exams as part of their ReTIRE (Retirement Targeted Reviews and Examinations Initiatives) program since November 2015.