Experts in Personalized Retirement Plan Design & Administration

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:

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.

6 Action Steps

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6 Action Steps


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