DOL Fiduciary Duty Rule

Financial advisors who provide investment advice will face limits on receiving commission-based compensation under the long-awaited DOL fiduciary regulatory package released April 6, 2016. Under this final package, investment advice given to an employee benefit plan or an individual retirement account is considered fiduciary advice and therefore must be in the “best interest” of the investor. It sets a new standard for advice given to retirement investors.

With 50% of US financial assets in retirement accounts, the impact of the rule will be widespread across asset managers, broker dealers, and insurance companies. 

Although many of the changes in the fiduciary rule make implementation less challenging, we still expect to see significant structural and operational changes across affected firms. In addition, the SEC is expected to issue a similar proposal to cover non-retirement accounts given the mandate for a federal uniform fiduciary standard under the Dodd-Frank Act.

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7 Day Yield Special Edition: Will the election impact the DOL Fiduciary Rule?

In this special edition, PwC's Global Wealth Management Leader, Michael Spellacy, explains why the Department of Labor's Fiduciary Rule is getting a lot of attention from the new administration.

How PwC can help

Team of dedicated DOL specialists

Our team of dedicated DOL specialists have in-depth knowledge of the financial services sector and the intricacies of ERISA regulations. Our PwC and Strategy& teams bring functional expertise across strategy, operations/technology and compliance/regulation, thus providing an end-to-end solution from strategy through execution.

Accelerator toolkit and proven methodology

We have developed a set of accelerators/tools that can help clients meet the tight timelines that are likely to be required for compliance - these include baselining and impact assessment frameworks, templates for operating model assessment, execution roadmapping tools, and templatized business and functional requirements documents. These tools have been deployed and refined over multiple client engagements.

Webinars and roundtables

Our upcoming series of webinars and roundtables will focus on enabling valuable interaction between senior executives on the topic of regulation implications and implementation planning across the sectors of wealth management, asset management and insurance/annuities.

Insights

In the press

Financial Planning: Will Fiduciary Rule Spur New Lawsuits Against Advisors?
April 19, 2016

InvestmentNews: Variable and fixed-indexed annuities feel sting of DOL fiduciary rule
April 6, 2016

Video - CNBC Closing Bell: New Rules on Retirement Savings
April 6, 2016

InvestmentNews: DOL Fiduciary Rule will Transform the Annuity Industry
February 21, 2016

Contact us

Dan Ryan
Financial Services Advisory Leader
Tel: +1 (646) 471 8488
Email

Michael Spellacy
Partner, Global Wealth Management Leader
Tel: +1 (646) 471 2076
Email

Arjun Saxena
Principal, Financial Services Advisory, Asset & Wealth Management
Tel: +1 (212) 551 6411
Email

Chris Joline
Principal, Financial Services Advisory, Insurance
Tel: +1 (646) 471 5659
Email

Lisa Herrnson
Managing Director, ERISA Advisory
Tel: +1 (646) 471 8227
Email

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