How to Prepare for DOL Fiduciary Rule Compliance: 5 Useful Resources

Financial Advisors Meeting to Review DOL Fiduciary Rule Compliance The DOL Fiduciary Rule, slated to go into effect on April 10, 2017, marks a significant shift in how financial advice will be provided.  To comply with the new regulations, financial advisors (e.g., RIAs, broker/dealers, asset managers, wealth managers, retirement planners, and life insurance firms) must have a well-defined and auditable process for ensuring they act in the best interest of clients—even if it means making less money.

In other words, if a financial advisor’s recommendations are ever brought into question, they must prove their advice was objective—or risk litigation.  This creates a long list of challenges, including how to:

  • Identify transactions and accounts that require fiduciary oversight
  • Capture and track events that qualify as recommendations
  • Create and manage Best Interest Contracts (BIC)
  • Document and demonstrate that their advice serves clients’ best interests

Compliance will likely require financial advisors and the back-office employees who support them to adopt new data management processes and technology to support them, which has the potential to be costly and complex.  Understanding the requirements and determining how to best meet them—without breaking the bank—can be overwhelming.  Therefore, we’ve compiled a list of the 5 of the most useful resources available to help you prepare for DOL Fiduciary Rule compliance.

5 Useful Resource to Help You Prepare for DOL Fiduciary Rule Compliance

  1. On-Demand Webcast: Compliance and Client Loyalty – How to Tackle the DOL Fiduciary Rule with CRM| CEB & AKA
  2. How to Prepare for the DOL Fiduciary Rule | Morningstar Inc.
  3. 7 Actions to Demonstrate Compliance Following the DOL Fiduciary Rule | InvestmentNews
  4. A DOL Fiduciary Rule Compliance Checklist | ThinkAdvisor
  5. DOL Fiduciary Rule: Everything You Need to Know | Investopedia

Webcast: How to Tackle the DOL Fiduciary Rule with CRMThe clock is ticking. Get educated. Develop a plan. Put it into action.  And seize this is an opportunity to strengthen customer relationships.  Compliance does not have to be disruptive or cost-prohibitive. If you use Microsoft Dynamics CRM, you’re already on track, and we can help take you the rest of the way.

Watch our on-demand webcast to learn how you can tackle the challenge with CRM and our DOL Fiduciary Rule Compliance Management solution.

Because it is not separate a separate system (it’s designed for Microsoft Dynamics 365 and Dynamics CRM—both online and on-premises), it costs less to implement, implementation is faster, and there’s need to learn new software, so productivity won’t suffer.

By | 2017-10-17T15:43:40+00:00 November 30th, 2016|Sales & Service (CRM)|0 Comments
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Contributor: AKA Enterprise Solutions

AKA is comprised of professionals with deep experience in business, technology, and their respective industries. Our team members regularly share their knowledge and expertise through blog articles. We hope you find them helpful, and we welcome your comments.

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