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.

How PwC can help

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.

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.

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.

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