Mindy Diamond Quoted
Preparing for the coming DOL storm
Financial advisers know the Labor Department’s fiduciary rule is coming, but they’re not sure when or how bad it will be, writes recruiter and consultant Mindy Diamond on WealthManagement.com. The pending proposal would impose tougher regulations on advisers working with retirement accounts. Regardless of whether or not an adviser services retirement accounts, everyone is likely to be subject to greater compliance oversight, writes Ms. Diamond. She notes that brokerage firms are likely to cull their service offerings in order to maintain profitability and limit compliance exposure, while registered investment advisers will also need to come up with a way to respond and ensure compliance. Additionally, advisers should use the next few months, she says, to consider questions like “Do I believe in the fiduciary standard?” and “How will my client base respond to the new rules and requirements?”
