Research Study Implications of the Final DOL Fiduciary Rule for Asset Managers

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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.

Download this free report to:

  • Review implications of selected aspects of the rule, including the expansion of regulatory authority over financial advice to retirement account holders and the prohibition of compensation models that conflict with the client’s best interest.
  • Receive recommendations for adapting to new disclosure requirements, providing investment education and anticipating demand for lower-cost product options.
  • Identify new opportunities to help distribution partners, advisors, plan sponsors and account owners.

Primary Audience: Asset Manager Executives and Senior Managers in Distribution, Marketing, Product Strategy, and Operations

Report Details

  • 14 pages
  • Released 5/2/2016
  • Author: Julia Binder

categories: industry trends, dol fiduciary rule, c-suite

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