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.
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.
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.
PwC’s Best Interest Accelerator, powered by Salesforce, helps advisors seamlessly adhere to the DOL fiduciary rule while electronically documenting the entire interaction. Built-in Salesforce dashboards and reporting tools allow supervisors to monitor portfolio performance and recommendations—helping with DOL compliance.
Our mission is to assist asset managers in identifying, assessing, and controlling business, operational, and compliance risk in an efficient and cost-effective manner.
The sanctions landscape is continually evolving, challenging, and complex.
Financial advisors providing investment advice face limits on receiving commission-based compensation under the DOL fiduciary regulatory package. Learn what PwC advises.
Publications and thought leadership from the financial services regulatory practice.
PwC is a leader in providing regulatory compliance services to US and global financial institutions, including a spectrum of services to support sanctions compliance objectives.
Adam Gilbert, JP Morgan Head of Regulatory Policy, to join PwC as Global Regulatory Leader
Michael Alix, NY Fed SVP, joins PwC as Financial Services Consulting Risk Leader
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
Dan Ryan
Financial Services Advisory Leader
Tel: +1 (646) 471 8488
Email
Michael Spellacy
Global Wealth Management Leader
Tel: +1 (646) 471 2076
Email
Arjun Saxena
Principal, Financial Services Advisory, Asset & Wealth Management
Tel: +1 (212) 551 6411
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Chris Joline
Principal, Financial Services Advisory, Insurance
Tel: +1 (646) 471 5659
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Lisa Herrnson
Managing Director, ERISA Advisory
Tel: +1 (646) 471 8227
Email
