With a background in content marketing, public relations, and social media management in a variety of industries, Katelyn strives to deliver high-quality educational content to advisors in the financial services industry and empower them with tools to boost their marketing efforts through content marketing and technology.
This article originally appeared on WealthManagement.com on the Countdown to DOL rule news channel brought to you by Advicent.
Advicent, the leading provider of financial planning software across the globe, has been closely monitoring the new Conflict of Interest Rule from the Department of Labor (DOL) since its first draft more than six years ago. This rule, much like similar legislation found across Europe, Australia, Canada, and elsewhere, was written in order to protect citizens (investors) from conflicts of interest when purchasing investment products — specifically in regards to retirement.
Since the rule’s inception, Advicent has taken the appropriate steps in anticipation of its implementation. We have hundreds of enterprise clients in the United States alone that would be impacted by this rule, so our knowledge and global experience must be readily available to our clients. In addition, our technology must be prepared for these upcoming changes, both in how our clients provide advice and whether or not our technology is impacted by the rule.
As a result, Advicent has developed The Compliance Blueprint, a three-part offering which includes unique DOL-ready financial planning software functionalities, a DOL Education Center, and consultant partnership services — all supported by decades of experience providing guidance and thought leadership to our clients through past regulatory changes.
Recently, Advicent has responded to—and assisted—a large number of enterprise clients and prospects in preparing for the impending rule. Additionally, The Compliance Blueprint was showcased to a variety of industry analysts and influencers, garnering a reaction similar to that of Will Trout, senior analyst at Celent: “[Advicent] seems to have the most DOL-focused financial planning software and messaging in the market. I really like the more strategic and logic-driven approach.”
During these demonstrations and following the most recent Presidential Election, Advicent has been approached with questions around the rule’s long-term life expectancy — especially with what appears to be antipathy from members within the incoming administration toward the rule. Advicent began to gather the thoughts of many industry leaders on the rule; how it can be rolled back; and whether or not this could be done in an expeditious manner.
We talked at great length with the fiduciary rule expert Kate McBride from FiduciaryPath and our internal team, who all hold the same belief: stay the course. Throughout these discussions, we uncovered two other major reasons regarding public expectations about why firms and advisors should stay the course in their DOL compliance strategies. Our position is, therefore, further ratified by not just one, but three major reasons.
Click here to read the full article and uncover the three factors supporting the Advicent position on the future of the DOL rule.