Technology, Training & Compliance in Light of the Fiduciary Standard

Technology, Training & Compliance in Light of the Fiduciary Standard
Capturing retirement assets is paramount for brokerages. When thinking about the word saving, it is hard not to think about retirement.  Brokerages are constantly looking for rollover assets, and as baby boomers retire, this search has never been more significant — which is why, when the DoL Fiduciary Rule was proposed, brokerages quickly reacted.

  April 10, 2017, when Phase 1 of the DoL Fiduciary Rule goes into effect, is quickly approaching.

  My latest report, The Quest for Retirement Assets: When the Light Shines on the Fiduciary Standard, explores ways that brokerages are reacting to the DoL rule. Brokerages continue to rethink their operating model. Brokerages are questioning their existing technology: Can it support a new business model? How should training be embedded and amended to support compliance with the DoL Rule? In my report I lay out some of the challenges facing brokerages, as well as best practices for compliance and training.   Regardless of whether the DoL rule is delayed, changed, or repealed, advisors need to know how to clearly communicate their offering to clients as it relates to the fiduciary standard. Investors are more aware than ever of the fiduciary standard. Even if the DoL relaxes its stance, there is no doubt that investors will continue to pressure advisors to act as fiduciaries. It won’t be long before clients ask for proof that portfolio transactions and ideas are made in their best interest.  
Kelley Byrnes About Kelley Byrnes

Kelley Byrnes is an analyst with Celent's Wealth Management practice and is based in the firm’s New York office.

Kelley has worked on strategic planning for advisor facing technology and on fixed income trading desks. Kelley also has experience is sales and partnerships, driving channel strategy, regulation and technical projects for financial institutions.

Prior to joining Celent, Kelley was a director at Barclay Investments. She also held positions at Bank of America Merrill Lynch, as an assistant vice president in the wealth management practice and as an analyst on the fixed income institutional sales desk.

Kelley received her MBA from the McCombs School of Business at the University of Texas – Austin and her BA from Washington University in St. Louis.

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