Preparing for the Department of Labor's (DOL) Fiduciary Rule

By Allison Babberl on April 25, 2017 in Database Management

Preparing for the Department of Labor's (DOL) Fiduciary Rule

The Fiduciary Rule

There has been a lot of press and discussion lately about the changes in the Department of Labor’s (DOL) Fiduciary Rule. The decision itself is uncertain and has been delayed from a start date of April 10, 2017 to June 9, 2017. What that means is that you have the extra 60 days to acquaint yourself with the rule and actions you should consider taking if the rule does become effective.

For those of you uncertain what the rule is and what it means, here is how Time summed it up:

“The rule would require financial advisors, and more specifically brokers, to put your interests above their own when working with your retirement accounts. In other words, they would have to act as fiduciaries, much like lawyers and doctors.”

We gathered together some online resources we found in our own research that could be beneficial for you. Use these as a launching pad to learn more about what this rule means for your practice and what you can do to prepare yourself, your staff, and your clients.

Understanding the Impact:

About the Delay:

What You Can Do:

If this rule does take effect, your day-to-day processes will be greatly affected. If the rule doesn’t pass, then nothing really changes, and you’ll carry on with business as usual. Whether the bill will pass, be modified, or will be killed is still up in the air and likely will remain that way until the deadline

Just make sure you’re fully prepared for whichever situation comes to pass. Ensuring that your data is in an organized, easily manageable format can make this whole process easier and allow you to face the challenge ahead. One way you can achieve this is by subscribing to a whole-office, industry-specific Agency Management System (AMS) like AgencyBloc!

AgencyBloc Can Help You Prepare

Our software is built specifically for life and health insurance agencies and is completely customizable to your various needs. See how our system can help you better manage your business, automate your processes, and organize your data in a personalized 1-on-1 demo with our experience sales reps!

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Allison Babberl
Allison Babberl

Allison is the Marketing Content Specialist at AgencyBloc. She creates educational content and designs videos to promote AgencyBloc's resources to help you organize, automate, and grow your insurance agency. Favorite quote: “Conversation is the bedrock of relationships. Without it, our relationships are devoid of substance.” -Maribeth Kuzmeski More articles

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