BISA Magazine - Quarter 4, 2017 - 6

UP FRONT

Report:
The Fiduciary Rule
Continues to Confound
As implementation nears, many channels are not prepared
By Andrew Singer

A

dvisors are not ready for the DOL fiduciary
rule - not even the portions of the rule that
have already been implemented. A recent
study released by Practical Perspectives, an
independent consulting and research firm,
showed that fewer than half of advisors feel like they're
prepared to handle the implementation of the fiduciary
rule, which does not bode well for the industry at large.
A bright spot is that their preparedness differs across distribution channel. For RIAs who already act as fiduciaries,
DOL preparedness is relatively high while more dramatic
changes are anticipated by broker-dealer (B/D) advisors
who tend to view implementation of the DOL Fiduciary
Rule more warily.
Indeed, advisors in the B/D channels are looking for
additional support including new products, services and
solutions they can use with clients that enable compliance
with the DOL Fiduciary Rule. They also want innovative
technologies or systems (especially independent B/D
advisors) and more in-depth training and education.
Advisors are adapting how they work with clients because
of the rule. Most significantly, many advisors are shifting
or expect to shift a greater portion of their business to
fee-based or advisory platforms, according to the report.
From the data and the individual comments, many advisors also expect to change how they work with rollovers
from employer-based plans and anticipate less engagement with smaller clients who cannot economically be
supported in a fee-based environment.
"Many advisors are looking to their home offices and
other key sources for more support related to implementing the DOL Fiduciary Rule and to enhance their
preparedness," says Howard Schneider, president of
Practical Perspectives and author of the report. "While
most advisors have some degree of preparedness for the
Fiduciary Rule, fewer than one in two advisors feel well

6
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$

Learn more about
Nationwide's foray into
fee-based annuities on p. 16
prepared. This suggests many advisors need additional help
and support."
The 30-page research report "Financial Advisors and Implementation of the DOL Fiduciary Rule - 2017," analysis is
based on 300 online surveys completed in August 2017 with
advisors and representatives.


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Table of Contents for the Digital Edition of BISA Magazine - Quarter 4, 2017

Table of Contents
BISA Magazine - Quarter 4, 2017 - Cover1
BISA Magazine - Quarter 4, 2017 - Cover2
BISA Magazine - Quarter 4, 2017 - Table of Contents
BISA Magazine - Quarter 4, 2017 - 2
BISA Magazine - Quarter 4, 2017 - 3
BISA Magazine - Quarter 4, 2017 - 4
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BISA Magazine - Quarter 4, 2017 - 6
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BISA Magazine - Quarter 4, 2017 - 32
BISA Magazine - Quarter 4, 2017 - Cover3
BISA Magazine - Quarter 4, 2017 - Cover4
https://www.nxtbook.com/nxtbooks/bisa/2017q4
https://www.nxtbook.com/nxtbooks/bisa/2017q3
https://www.nxtbook.com/nxtbooks/bisa/2017q2
https://www.nxtbook.com/nxtbooks/bisa/2017q1
https://www.nxtbook.com/nxtbooks/bisa/2016q4
https://www.nxtbook.com/nxtbooks/bisa/2016q3
https://www.nxtbook.com/nxtbooks/bisa/2016q2
https://www.nxtbook.com/nxtbooks/bisa/2016q1
https://www.nxtbook.com/nxtbooks/bisa/2015q4
https://www.nxtbook.com/nxtbooks/bisa/2015q3
https://www.nxtbook.com/nxtbooks/bisa/2015q2
https://www.nxtbook.com/nxtbooks/bisa/2015q1
https://www.nxtbook.com/nxtbooks/bisa/2014q4
https://www.nxtbook.com/nxtbooks/bisa/2014q3
https://www.nxtbook.com/nxtbooks/bisa/2014q2
https://www.nxtbook.com/nxtbooks/bisa/2014q1
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