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November 05, 2016 at 09:32 AM
With just 5 months to go before the fiduciary rule kicks in, advisors will need to familiarize themselves with steps of the process needed to be DOL-compliant. These include requirements pertaining to client education, fact-finding, documentation, production recommendations and post-sale plan reviews.
Related: One consequence of the DOL rule: more risk-averse advisors
The requirements will vary, depending on whether you’re a level-fee fiduciary or derive variable commissions from product sales. The latter will be beholden to the more stringent provisions of the rule’s best interest contract exemption or BICE.
