Survey on DOL's Proposed Fiduciary Rule

There has been a fair amount of speculation, some informed and some not, about how the DOL's proposed fiduciary rule will impact advisers and their firms. At least one organization is undertaking an effort to gather information directly from those impacted by the proposed rule change.

Ben Acquario, Director of Customer Experience at DST Financial Services, recently told me, "The DOL's proposed fiduciary regulations are expected to have a pronounced impact on how participants conduct business. Steve Saxon, of the Groom Law Group was recently quoted as saying 'The DOL's proposed fiduciary regulations are the biggest thing to happen with ERISA, since ERISA itself was established.'

"While the comment period has just closed, and while the shape of the final regulations is still undecided, many are assessing how they may need to adapt their current business practices after the proposal becomes law. As a service partner to many retirement plan providers, DST has received questions about how we can support you under any new regulations. We have also had many inquiries about how your peers are expecting to respond and where and how they might adapt their business models.

"Given our commitment to being a strategic partner who can deliver key insights and solutions across the markets in which we participate, we are conducting a brief survey to collect views across our varied client base. We expect the results will highlight where -- and how -- your peers are expecting to respond."

You can participate in the survey here. We encourage you to do so.

Rick Meigs, President, 401khelpcenter.com, LLC

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