AssetMark Launches Fiduciary Assessment Tool

The firm says its latest assessment tool is part of a larger readiness campaign to prepare advisers for a new fiduciary paradigm. 

AssetMark, a provider of investment and consulting solutions serving financial advisers, launched a new assessment tool designed to help advisers in determining their preparedness to comply with the Department of Labor (DOL) fiduciary rule, which goes into effect April 10, 2017.

Through a series of strategic questions that evaluate advisers’ compensation and compliance plans, the tool provides an overall assessment on their preparedness level. The tool is a component of AssetMark’s DOL Readiness Campaign, which offers advisers a variety of resources to help comply with the rule, according to the firm.

“During our recent 16-city Adviser Advantage Workshop series, we met with advisers across the country and we were struck by how thirsty they were for more guidance on the rule, and frankly, how little they were doing at that point,” explains Matt Matrisian, senior vice president of strategic initiatives at AssetMark.

The assessment tool is composed of detailed questions that assess advisers’ understanding of the rule and its exemptions, gauge the extent to which they will need to change their compensation structure, and determine whether they have begun the process of developing a compliance plan. Based on responses to these questions, advisers are placed into categories ranging from most prepared to least prepared, with corresponding recommendations and resources for each category.

The resources further provide advisers with ‘specific, actionable next steps based on their individual assessment that can help them address any necessary adjustments to their business practices.

The tool can be accessed online here