DOL Prep

Preparations continue for DOL Fiduciary Standard Rule


Since the Department of Labor first proposed its Fiduciary Standard Rule last year, one that redefines investment advice for purposes of determining who is a fiduciary, Waddell & Reed has been preparing for its introduction. Among the steps we’ve taken in advance of the April 2017 effective date:

  • Created a DOL “task force” made up of key executives and staff, which meets regularly to review aspects of the Rule, propose policy and workflow adjustments.
  • Engaged industry consultants to supplement our work and provide guidance.
  • Created dedicated project management operation (PMO) support to ensure alignment of goals and management of resources.
  • Continue to work through guidelines surrounding use of the Best Interest Contract (BIC), mitigation of conflicts, rationalization of products offerings, and training programs.

Overall, we take no issue with the Rule’s premise: that advisors have a responsibility to act in the best interests of their clients. That is a concept that is inherent to our culture.

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