NICSA Webinar | DOL Rule 101 - Part 1 of 3
The DOL recently released the much anticipated final Fiduciary Rule on April 6, 2016. Our industry is rapidly consuming the 1,000 page document and trying to understand all aspects of the rule before making decisions on changes to products, services, distribution, and reporting. Many questions have emerged as to how the rule will impact Broker Dealers, Asset Managers, Service Providers, and Investors. This series will dive into the details of the rule, will provide insight into the impacts related to Distribution, as well as the Compliance and Reporting implications. Part one will focus on the legal perspectives of the new rule. Specifically, there will be a panelist providing a legal compliance interpretation of the rules impacts and changes from an asset management firm viewpoint.
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NICSA Webinar | DOL Rule 101 - Part 1 of 3
- 1. www.nicsa.org DOL Fiduciary Rule 101 Part 1 of 3 | June 15, 2016 SPONSORED BY:
- 2. www.nicsa.org MODERATOR: Anthony Seiffert Chief Compliance Officer, American Funds Service Company - Capital Group Jason Bortz Associate Counsel, Capital Group WELCOME OUR PANEL
- 3. www.nicsa.org Fiduciary rule overview • Financial advisors and their firms become fiduciaries – Addresses concerns over conflicts of interest – Advisors must recommend investments solely on client’s best interest – Advisors must use best interest contract exemption for many common transactions
- 4. www.nicsa.org Key provisions of the rule • New rules begin April 2017 • Broad grandfathering provided for existing commissionable investments • IRAs and employer-sponsored retirement plans – No 529s or taxable accounts • Other regulators?
- 5. www.nicsa.org Definition of investment advice • More than just securities recommendations – Makes broker recommendations and rollover advice into fiduciary acts • “Hire me” conversations • Line between education and advice • Institutional investor exception
- 6. www.nicsa.org Best interest contract exemption • Creates enforceable impartial conduct standards through best interest contract exemption • Conflicts of interest mitigation requirements • Streamlined level fee version of exemption
- 7. www.nicsa.org Implications • Transition from brokerage to advisory • Greater focus on cost and fee transparency • Growth for robo-services / self-directed platforms • Narrowing of product offerings • Opportunities for retirement specialists
- 8. www.nicsa.org QUESTIONS Anthony Seiffert Chief Compliance Officer, American Funds Service Company - Capital Group ats@capgroup.com Jason Bortz Associate Counsel, Capital Group jason_bortz@capgroup.com SPONSORED BY: