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Regulation and Compliance > Federal Regulation > DOL

Cetera Launches DOL Fiduciary Rule Survival Kit for Advisors

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Cetera Financial Group, the second largest independent financial advisor network in the nation by number of advisors, has launched a suite of integrated tools and resources designed to help financial advisors comply with the Department of Labor’s recently released fiduciary rule. 

The platform, called DOL DynamIQs, was designed to help Cetera’s network of independent retail broker-dealers understand how the new rule may affect their businesses and help them develop a game plan to achieve compliance. Effective immediately, DOL DynamIQs is being rolled out to all advisors across the Cetera network at no additional cost. 

According to Adam Antoniades, president of Cetera Financial Group, the platform will enable Cetera’s advisors to adapt smoothly to this important regulatory shift.

“The Department of Labor’s new regulatory framework is expected to significantly impact the independent advisor business model and will undoubtedly result in substantial changes in compliance and business processes,” Antoniades said in a statement. “Financial advisors who work with retirement accounts on any level need to know that their broker-dealer has the in-house expertise and resources to help them identify and cope with the potential impact to their businesses.”

The DOL DynamIQs platform includes a diagnostic tool — called iQuantify — that will assess advisors’ readiness for the fiduciary rule and help them map out an actionable game plan to achieve compliance with minimal disruption to their practices. The platform also includes an online assessment tool that allows advisors to quickly identify the assets and accounts in their practices that may be affected by the DOL’s new rule and a quantitative tool aimed at providing advisor with an in-depth analysis of their business. 

For client portfolios that are deemed not in compliance with the fiduciary rule, the DOL DynamIQs platform will help advisors come up with a transition plan. There will also be a dedicated consulting service that will provide Cetera advisors with ongoing access to specialists who can help them transition client assets to DOL-compliant solutions.

Cetera will also provide in-depth analysis of the regulation and its implications, combined with extensive educational materials and webcasts detailing the impacts of the rule, how advisors can successfully adapt, and best practices for leveraging Cetera’s resources.

The tools provided within the DOL DynamIQs program are fully integrated with Cetera’s practice management, advisor marketing and advisor transitions platforms.

“The new tools and services … will help our advisors quantify the potential effects of the DOL’s rule on their practices,” Antoniades said in a statement. “It will allow them to respond to these changes with confidence by developing and implementing step-by-step plans to achieve compliance with minimal disruption to their businesses, helping them successfully make the transition to the post-DOL environment while maintaining their unwavering focus on client service and helping clients progress toward their financial goals.”

— Check out Cetera’s Roth: RCAP Filing Is ‘Fresh Start,’ With Money for Rep Retention on ThinkAdvisor.


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