With the clock ticking until the new DOL fiduciary rule changes take effect later this year, many advisors are wondering how their firm–and their clients–will be impacted.
Although it is still unclear exactly what the final DOL fiduciary rule will look like, industry experts have predicted that it will have wide-ranging implications for the business models and compliance infrastructures of broker dealers, registered investment advisors and ultimately to investors. Impacts to advisors include increased regulatory costs and business expenses and potentially lower revenue. Impacts to investors include fewer options for smaller account sizes, increased rollover cash-outs and a potential decrease–from already low savings rates–in retirement savings for Americans. Check out the 10 impacts outlined below and consider if your firm is prepared to address them.
How are you preparing your practice for the new Fiduciary Rule? Tweet using #FiduciaryRule to share your ideas or questions on how this may impact your firm or your clients.