We know it’s coming, but we’re not sure when or how bad it will be. That’s how a lot of advisors currently feel about the Department of Labor’s pending fiduciary proposal for retirement accounts. Regardless of whether or not you service retirement accounts, everyone is likely to be subject to greater compliance oversight.
Battening Down the Hatches
While all firms will need to interpret the rules and then define guidelines, it’s the wirehouses and independent broker/dealers that will likely need to be far more stringent and inclusive, as they must create mandates for the organization at large. That is, new rules and mandates will need to be defined for tens of thousands of advisors. So whether you service retirement plans or not, you will be beholden to rules created for those who do.
