6 Action Steps for DOL Fiduciary Rule
While the industry awaits pending clarity on many aspects surrounding the DOL Fiduciary Rule, David Levine, a principal with the Groom Law Group, Chartered, suggests six steps advisors should take now (in plain english) to start preparing for the final fiduciary rule. Source: Napa-net.org
6 Simple Action Steps:
- Take time to breathe– you still have time to prepare your business for success under the rule.
- Figure out what you personally are responsible for.
- Identify your key business activities and each step involved.
- Identify the legal compliance issues for each step– Ask yourself, “am I a fiduciary when I engage in this specific activity and am I engaging in a prohibited transaction?”
- Address potential prohibited transactions.
- Be willing to adapt– while challenges are ahead, opportunities for value added services remain.