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Big Firms May Miss DOL’s 2017 Fiduciary Rule Deadline
Financial Advisor IQ, July 25, 2016
Many financial advisors and broker-dealers are spending their summer getting ready to comply with the Department of Labor’s fiduciary rule. But it doesn’t mean they’ll be ready for its April 2017 deadline, one consultant tells ThinkAdvisor.
While changing procedures to comply with the rule, which forces brokers to put clients’ interest first, is relatively easy, many of the “biggest providers” may not have enough time to change the technology supporting those changes, according to John Gebaur, president of the compliance consulting firm National Regulatory Service, ThinkAdvisor writes.
MoneyGuidePro creator releases DOL fiduciary-focused software
Investmentnews, July 21, 2016 @12.59 pm
PIEtech, the creator of financial planning software MoneyGuidePro, has built a tool to see how well clients' portfolios are aligned with their best interests, including retirement goals and concerns, insurance needs, and health-care costs.
With the new software, called Best Interest Scout, firms invite clients to review and input information so professionals can ensure they are meeting the Department of Labor's fiduciary rule, which requires all advisers to act in their clients' best interests on retirement accounts. It is a tool for advisers to see whether or not their clients are invested properly before sending along the best-interest contract, which allows advisers to work on commission. The tool does not require financial planning software.