October 2017 – Keeping Compliant: A Review of DOL Fiduciary Rule Resources

The Department of Labor’s (DOL) fiduciary rule intends to protect the best interest of investors saving for retirement by heightening and formalizing the professional standards of financial professionals. Morningstar estimates that more than three trillion dollars in IRA assets will be affected by the rule, highlighting the magnitude of the impact that it will have on the investing landscape. This Asset Management Monitor – Advisor Report explores resources coverage group firms offer to address the regulatory climate and help advisors operate to a fiduciary standard. We review the dedicated sections firms offer on the topic as well as resources released between June 1 and October 1, 2017.

Twelve out of 20 coverage group firms (60%) either offer a dedicated outlet to help advisors operate as a fiduciary or have published some degree of content addressing the rule during our review period. Asset managers have continuously monitored the rule throughout this year’s revisions and delays, keeping advisors updated with announcements, webinars and newsletters. Federated, American Funds and BlackRock provide the widest selections of content about the rule including guidance for maintaining compliant work behaviors. Nearly half of firms (41%) offer worksheets, checklists or guides to help advisors heighten and monitor their professional operations, and 58% employ multimedia vehicles. Common topics addressed include the history of the rule, the definition of advice and details about compensation models.