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In February 2015, President Obama directed the US Department of Labor (DOL) to update the requirements for advisors of retirement plans to abide by a fiduciary standard and put their clients’ best interests before their own profits. In response, the DOL proposed the Conflict of Interest Rule (also known as the Fiduciary Rule), in April 2015. Following public hearings and a review of thousands of comment letters, the DOL made a number of significant changes that addressed the most serious concerns of critics of the rule, including reworking the best interest contract exemption, lengthening the timeline for compliance, eliminating the list of permitted investments, and clarifying the treatment of existing clients with respect to investment recommendations and compensation arrangements. The final rule was published on April 8, 2016, and will be fully implemented by January 1, 2018.
This white paper is DST's view of selected aspects of the DOL fiduciary rule and its impact on asset management firms. The paper is not intended to provide legal advice or a full review of the rule. Rather, we highlight certain implications of the rule to help business executives think about, and plan for, changes to their distribution and marketing strategies that may be required to remain competitive.
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Primary Audience: Asset Manager Executives and Senior Managers in Distribution, Marketing, Product Strategy, and Operations
categories: industry trends, dol fiduciary rule, c-suite
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