DOL Fiduciary News: September 29, 2016
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In distribution play, Nationwide to acquire Jefferson National
LifeHealthPro; Sep 28, 2016
The Department of Labor’s fiduciary rule is barely 5 months old, but it’s already shaking up the industry, and in a big way: Industry giant Nationwide Financial disclosed today its intent to buy Jefferson National
The acquisition will avail Nationwide of Jefferson National’s registered investment advisors (RIAs) and fee-based advisors, a distribution network of 4,000-plus financial professionals who sell investment products and services. Chief among them: Monument Advisor, a flat-fee variable annuity platform that offers consumers access to 380-plus tax-advantaged investment options from over 30 mutual fund families.
Accenture Launches New Cloud-Based Solution to Help Wealth Managers Comply with U.S. Department of Labor Fiduciary Rule
September 28, 2016 04:15 PM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--Accenture has introduced a new cloud-based solution, Accenture Wealth Management Compliance Solution for Salesforce, designed to help wealth management firms comply with the U.S. Department of Labor’s fiduciary rule for advisers overseeing retirement accounts. The rule, effective April 2017, provides that advisers may not receive payments that create conflicts of interest.
The new solution—supported by Accenture’s Wealth Management practice based on an offering that helps firms comply with new Department of Labor rules—is designed to work with Salesforce’s Financial Services Cloud, Salesforce’s first industry-specific product built to transform the client-advisor relationship for the digital age. The solution can be customized to clients’ specific needs, and will be offered as part of Salesforce implementation engagements between Accenture and its wealth management firm clients.
Got DOL rule compliance questions? IRI training program has answers
LifeHealthPro; SEP 28, 2016
The Insured Retirement Institute said it has partnered with RegEd Inc., a compliance technology software company, to develop training platforms designed to help financial professionals and home office personnel to comply with the U.S. Department of Labor's fiduciary rule.
The first course within the training program will provide an overview of the Labor Department rule and the Best Interest Contract exemption, including an explanation of what it means to be an Employee Retirement Income Security Act fiduciary under the rule. The training also will cover how advisor compensation could be affected and how existing client relationships may change, as well as outline the new regulatory landscape for level-fee advisors, rollover recommendations and proprietary products.