DOL Fiduciary Rule Changes

DOL Rule Action Plan for BDs & RIAs

Broker-Dealers and Registered Investment Advisor firms are concerned about the new DOL Fiduciary Rule change, leaving many firms uncertain where to begin and when to start.

As any experienced compliance officer can tell you, planning ahead will be key in making a smooth transition to the new standard.  We firmly suggest planning ahead by preparing your staff and stakeholders as well as third party service providers.  Client accounts will need to be analyzed to determine how they will be impacted by the change, if at all. New marketing materials and disclosure forms will need to be developed. Suffice it to say, it is a lot of work. 

RND Resources is here to assist you all the way. Read our action plan for tips and ideas on how to handle important steps in making the transition to DOL Fiduciary standards. Read more

Senior Adviser Regulations

Dept of Labor Stepping Up to Fiduciary Responsibility for Retirement Advisers

Senior Adviser RegulationsProposed rule:  Labor Department proposes to hold retirement investment advisers to a fiduciary standard, leaving them to avoid conflicts of interest that include sales based on commission and sales performance compensation.

With the proposed rule back on the table and likely to pass, brokers and insurance agents will be pressed to update conflict of interest policies and procedures.  FINRA focus on senior and vulnerable investors has increased over the past years. In 2016 FINRA plans to make treatment of senior investors a priority and urges firms to monitor investor accounts for red flags like overly aggressive investments, unusual asset movements, and an unusual number of high cost products driving unsuitable recommendations. Read more

DOL Delays Fiduciary Redraft for Retirement Plans

The Department of Labor (DOL) recently announced that it would delay its redraft of fiduciary standards for work-sponsored retirement plan. While this change was originally set to launch in August, now the DOL says changes will not go into effect until at least 2015. This delay is welcome news to many in the financial industry who consider the proposed changes to be quite problematic.    Read more