Fiduciary education providers are helping advisors prepare for the Department of Labor fiduciary rule’s April compliance with the release of new training programs.

Fi360 was the latest to join in Monday by launching its Fiduciary Essentials for Advisors (FEA) program, which fi360 says is a “self-paced online program” focusing on the fiduciary roles and responsibilities of advisors managing qualified retirement plan programs and individual retirement accounts.

The program, developed by fi360 experts along with ERISA attorney Fred Reish of Drinker Biddle & Reath, is divided into five modules covering fiduciary-related themes such as compliance with DOL’s rules and adopting fi360’s fiduciary best practices.

The modules, which include content that is customizable to each advisor’s business, are:

• Session 1: Understanding Your Role

• Session 2: Managing Investment Decisions

• Session 3: Planning for Success

• Session 4: Primer on New DOL Rule

• Session 5: Best Practices on IRA(s)

Fi360 says it will be adding at least one new module in 2017.

The program’s goal is to also teach advisors how to make investment decisions that are in the best interest of clients.

John Faustino, chief product and strategy officer at fi360, said fi360 began developing the program’s content “well before” DOL’s fiduciary rule passed in April, noting fi360’s history since 1999 in developing such programs for advisors. “Our long-standing focus on fiduciary training and anticipation of this day helped us bring a well-vetted solution to market at a critical time of client need.”

The DOL fiduciary rule, however, “has created unprecedented demand for our services,” he added, with firms already having signed contracts and started the program.

fi360 said it prices the program based on such factors as number of trainees (advisor and home office/support), the modules consumed and learning management system of delivery (some clients are using their own; others are using the company’s).

The American Retirement Association also announced recently it has partnered with Morningstar to develop a fiduciary education and best practices program for advisors called The IRA Fiduciary Adviser education.

ARA said it has picked fiduciary experts Don Trone, CEO of 3ethos, and Peter Swisher, senior vice president, National Sales at Pentegra Retirement Services to help develop its fiduciary education and best practices program for advisors, which will be available in the fourth quarter.

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