[Video] Planning for the DOL rule in 2017

January 4, 2017 by Katelyn Rattray

about the author:

Katelyn Rattray

Senior content marketing specialist

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.

The DOL's Fiduciary Rule was officially rescinded in July 2018, however, the SEC has since introduced a new set of regulations applying specifically to broker-dealers. To learn more about the new Regulation Best Interest rule and how NaviPlan is suited to help provide best-interest advice, click "LEARN MORE" below.

Learn how to provide best interest advice with NaviPlan.

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The DOL Conflict of Interest Rule gets to the core issue for investors: trust. Trust remains one of the biggest reasons investors pick their advisor. There are many smart, engaged, and honest advisors; however, a small fraction make headlines for the wrong reasons. Thus, the DOL seeks to tighten the definition of an advisor’s fiduciary standard, which will increase the responsibility of the advisor to act in the best interest of the client. This law is designed to validate the advisor’s advice, which can increase the trust investors have in financial advisors.

A recent DOL webinar with other industry experts

Advicent recently participated in a DOL webinar hosted by North Highland experts and discussed potential scenarios for the fiduciary rule under the new Trump administration. The webinar also covered topics such as what firms should be doing now, the role of firm leaders during implementation, and considerations for technology evaluation. You can watch the full webinar in the video below.

Leveraging Advicent as a DOL strategy partner

While there is no single solution to ensure compliance with the DOL Conflict of Interest Rule, Advicent has created The Compliance Blueprint to empower firms and advisors with the tools to deepen client relationships through increased trust and transparency, remain profitable in the facing of changing regulation, and create a streamlined and repeatable process — all while keeping financial planning at the core.

It is clear that holistic financial planning will play a key role when creating strategies for compliance. Our decades of unmatched experience mean we are always prepared for changes in the industry, ensuring our development of first-in-class tools are always ahead of the curve for regulatory changes. The Compliance Blueprint is a three-part offering from Advicent 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.

Advicent clients can leverage our North Highland partnership and utilize their DOL Fiduciary Foundations Playbook which includes a risk assessment, DOL readiness assessment, advisor training, and more. This holistic and structured approach will assist firms in quickly implementing changes that may be necessary with the new regulations. Advicent clients who take advantage of North Highland services will receive preferred pricing on this solution.

Click here to learn more about The Compliance Blueprint from Advicent, including our partnership with North Highland.

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