The DOL finalized a rule implementing changes to the definition of the term "Fiduciary" as it pertains to conflicts of interest surrounding investment advice to retirement investors.  This regulation (new and updated rules) made substantive changes to several provisions under the Employee Retirement Income Security Act ("ERISA").  In addition to the Fiduciary definition changes, the DOL made several updates to the suite of Prohibited Transaction Exemptions ("PTE").  

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The Applicablity Date for compliance with the new regulation is April 10, 2017.  To ease the implementation burden for firms relying on the Best Interest Contract Exemption ("BICE"), the DOL has adjusted the timeline by providing for a period of transition to full compliance and has since extended that deadline. The transition period will only delay certain requirements of the BICE (e.g. written contracts, web disclosures, etc.) until July 1, 2019.    

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We know our clients sense the vast impact these changes can potentially have on the future of their business and we know it can seem overwhelming. Our practical and complementary experience at financial services firms can benefit you. We are here to help.  

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• We can help simplify the confusion.  

• We can help explain the rule requirements.

• We can help filter the requirements to fit your business model.  

• We can help you analyze your current business.   

• We can help you interpret the results of the analysis.  

• We can help answer questions.  

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