As the Department of Labor (DOL) fiduciary rule nears implementation, a new survey from the LIMRA Secure Retirement Institute reveals a 4 in 10 advisors want regulatory training.

The survey of more than 1,000 advisors compares what advisors considered to be the most important training areas in 2011 with the training they want in 2016. Training in regulatory issues, a category that wasn’t part of the 2011 survey, was sought by 40 percent of advisors in 2016. Other large shifts included Social Security claiming strategies, sought by 37 percent of advisors in 2011 vs. by 49 percent in 2016. Training for healthcare planning increased from 32 percent in 2011 to 42 percent in 2016.

The research from the Institute reported that half of all financial advisors say the majority of their business consists of pre-retiree and retiree financial planning, up 40 percent from 2011. As advisors expand their retirement income planning services, it’s natural to see requests for additional training in those areas.

Advisors’ interest in seeking regulatory training shows the impact of the DOL Fiduciary Rule, which takes effect in 2017, is already having.

Available later this fall, LIMRA is developing a training course on the DOL Fiduciary Rule to help sales professionals and other client-facing staff navigate their way through the new regulation and stay in compliance. 

Fifty member companies, representing a cross-section of the financial services industry, are working with LIMRA to develop the training. When complete, the program can be used to complement a company’s training or serve as a stand-alone course.