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Fi360 Refreshes, Expands Fiduciary Training Program for Advisors

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Fi360, a fiduciary education, training and technology company, said this week that it has added new modules to its Fiduciary Essentials for Advisors training program.

Fi360 rolled out the program in September 2016 to provide baseline fiduciary education and training in response to heavy market demand. Some 35,000 financial professionals have used the self-paced program, which it has now expanded to address additional needs highlighted by existing enterprise clients.

“The regulatory landscape continues to evolve, and while parts of the Department of Labor Fiduciary Rule are on hold, the updated fiduciary definition and Impartial Conduct Standards are in effect for retirement accounts,” John Faustino, chief product and strategy officer at Fi360, said in a statement.

“Beyond the regulatory changes, fiduciary has hit the mainstream, creating strong market forces favoring fiduciary advice with wealth accounts, too.”

The Labor Department said it delayed full implementation of the fiduciary rule in order to have time to review public comments, many of which are apparently fake, according to one analysis.

In updating its FEA curriculum, Fi360 has updated information in existing FEA module content on fiduciary and non-fiduciary services, prohibited transactions and IRA rollover considerations associated with the new Labor rule.

This month, it added an introductory-level session for advisors just entering the 401(k) market. This covers trends and opportunities, basics about 401(k) plans and fiduciary responsibilities under the Employee Retirement Income Security Act.

In addition, it has provided a high-level recap of legal and regulatory developments affecting the fiduciary standard during 2017. This should be a good option for those who went through FEA during the past year, it said.

Coming later in the first quarter is a primer on how health savings accounts work, the advantages they offer for savers, and the opportunity and associated fiduciary responsibilities for retirement advisors to offer HSA services.

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