With the Department of Labor (DOL)’s implementation of the fiduciary rule on its course, Orion Advisor Services has launched what it says is the industry’s
first fee analyzer.
The benchmarking tool creates custom
fee-benchmarks for accounts, allowing advisers to filter based on account size
range; account types—such as qualified, non-qualified, individual retirement account (IRA) and non-IRA—services provided; and types of firms. In light of
the new rule, the tool will help in demonstrating advisers’ fee reasonableness,
according to Orion.
In addition to the tool, Orion has written a whitepaper dedicated
to assisting advisers prepare for the DOL ruling. The report discusses changes
in the industry due to the ruling, including regulation, new technology and
adviser fee pressure.
"With the DOL ruling coming into
effect in April, Orion is doing everything to help prepare its clients for the
change in regulation," said Eric Clarke, CEO of Orion. "The new fee-benchmarking tool will help
advisers see how their fees compare to the industry, ensuring they are charging
fair, reasonable fees."