DOL Rule: Key considerations for broker-dealers and wealth management companies

DOL Rule: Key considerations for broker-dealers

The advent of the new rule will have a transformational impact on the type of products that will be developed for retirement clients,” said Howard Margolin, KPMG LLP’s DOL Fiduciary Rule lead partner. “Although we are only a couple of months into the issuance of the final rule, we have seen its effect on traditional products as mutual funds and ETFs. The industry should expect greater use of retirement-friendly mutual fund share classes, fee compression, and a continued movement toward passive management.”

Partner, Financial Risk Management

KPMG in the U.S.


Related content

  • Migration to a “level fee” platforms
  • Migration toward fee-based investment advisory relationships
  • Legacy assets
  • Financial adviser compensation
  • Migration toward no-load/low-cost options
  • Decline of load fund sales

The DOL’s new rule package is substantial and will take time for firms and service providers to fully digest; however, this does not mean that firms cannot begin mobilizing toward compliance while the impacts are fully assessed. Identifying the universe of impacted products and accounts can take time and, even after firms decide upon their implementation strategy, significant efforts are expected to be required in identifying/developing compliance controls, understanding and inventorying conflicts of interest, drafting policies and procedures, reviewing and monitoring marketing materials, and providing training to impacted employees. KPMG LLP can help.

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