Our Perspective on Mitigating Risk:

DOL Fiduciary Rule Compliance - An Industry Solution

The U.S. Department of Labor's (DOL's) fiduciary rule for retirement-investment advisors has raised many, as-yet-unanswered questions about how it will impact the business—and the recent U.S. election results add further uncertainty about the future of the regulation. Whatever the fate of the DOL rule, market participants are now focused on implementation solutions because, with or without a mandate, the industry is shifting toward a fiduciary standard as Americans increasingly seek greater transparency and lower costs in their retirement savings.

Evidencing prioritization of clients' best interests in the investment advice that is offered will require new data management solutions. Thanks to the industry's determined efforts to meet the DOL rule's current April 10, 2017, effective date, valuable tools are being developed that will enhance information collection, sharing and reporting for insurance companies, funds, distributors, intermediaries and others in this market.

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Ann Bergin Managing Director and Head of DTCC Wealth Management Services