“This is one of the most monumental pieces of legislation in our lifetime…bigger than the healthcare reform act,” says Henry Smith, Partner of Smith & Downey about the Department of Labor’s (DOL) new fiduciary rule. And regardless of the fate of the DOL Rule, the industry has initiated a massive shift to a planning-led, fiduciary model that’s sure to affect the way you conduct your business.
Although there are still some hoping the litigation against the DOL will result in a suspension of the rule or an outright repeal by a newly elected administration, it has been my experience that most have accepted the new regulation since it conditionally protects the sale of commissionable products. However, favorable opinion has not resulted in much action on the part of financial institutions to implement strategies to deal with the new reg.
Even as the specifics of the DoL rule continue to unfold, our software continues to provide the tools fiduciary-focused advisors need to remain competitive. Here are the top 6 ways eMoney supports DoL Compliance Today.
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.