Boston, November 29, 2016 – The U.S. government taking office in January 2017 will determine the future of the Department of Labor's fiduciary rule. Yet what’s passed to date is a significant education on the role of a fiduciary. Client conversations were held, and advisors were trained. Operational and compliance processes were re-evaluated and redesigned, while product platforms were determined. Could it all be undone and the sunk costs put aside? Yes. But would a move toward fiduciary actions and fee transparency safeguard a much needed re-establishment of a trusted industry?
This report will explore the broad impact the DOL fiduciary rule will have on financial institutions and financial advisors. It is based on Aite Group interviews of 22 wealth management firms from August to September 2016 and Aite Group interviews of a sampling technology software vendors. Aite Group’s companion report explores the rule relative to building evidence of best interest and focuses on compliance, metrics, and technology—access it here.
This 32-page Impact Note contains two figures and seven tables. Clients of Aite Group’s Wealth Management service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Advicent Solutions, Appway, Ameriprise Financial, AssetMark, Bank of America Merrill Lynch, BrightScope, Broadridge, Commonwealth Financial Network, Docupace, DTCC, Edward Jones, eMoney Advisor, Envestnet, Yodlee, FeeX, Fiduciary Benchmarks, Financial Database Systems, Fiserv, Foliodynamix, IBM, Impact Financial Systems, JPMorgan Chase, M&O Systems, MoneyGuidePro, Morgan Stanley, Morningstar, NexJ Systems, Nice Actimize, Pershing, PriceMatrix, Raymond James, Redtail Technology, Salesforce.com, SEI Investments, Stifel Financial, Wilshire Funds Management, and Xtiva.