Tomorrow, June 9, after more than a year of legislative chaos and uncertainty, the Department of Labor (DOL)’s industry-sweeping conflict of interest rule will begin implementation. Also tomorrow, the Nationwide Retirement Institute will unveil its revamped its DOL website to help advisers who service retirement plans comply with new regulatory pressures.
These resources aim to simplify topics such as optimizing Social Security filing decisions, estimating health care costs in retirement, planning for long-term care expenses, and understanding market dynamics. The website will also take a closer look at the best interest contract exemption and how to address common client questions. In addition, it will focus on identifying new requirements as a fiduciary.
Starting tomorrow, plan advisers will be held to the impartial conduct standards. These rules require advisers to ensure that advice is in the best interest of the customer, that compensation is reasonable and that statements about investment transactions as well as compensation and conflicts of interest are not misleading.
“Nationwide’s goal is to break down and simplify this complex issue so advisers can focus their attention on building client relationships,” says Kevin McGarry, director of the Nationwide Retirement Institute. “We’ve been working on making this transition as easy as possible, because clients need help and advisers are seeking clarity on the rule.”
Full requirements of the fiduciary rule go into effect January 1, 2018.