The Department of Labor Fiduciary Rule : An analysis of the outcome for various financial planners and investors and the future of the industry
2018
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The Department of Labor Fiduciary Rule : An analysis of the outcome for various financial planners and investors and the future of the industry
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2018
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The Department of Labor Fiduciary Rule is a new and significant piece of legislation that enhances the ethical standards of Financial Advisors around the nation. Financial Advisors are required to act within a fiduciary role when advising clients with retirement accounts, meaning that they must be honest, act in the client’s best interest, and disclose the reasons for the actions made on behalf of clients. As a senior Financial Planning student, I will be graduating and entering the industry soon, and it is crucial that I prepare myself as much as possible for the new regulatory environment that will greatly affect my business and my future clients. I have interviewed several Financial Advisors in order to gain an understanding of how the Fiduciary Rule impacts large financial services firms, small firms, low net worth clients, and millennial advisors. I also examine similar rules put in place by the United Kingdom and Australia in order to form my predictions for the future of the DOL Fiduciary Rule and the financial services industry. By understanding how the Fiduciary Rule will impact investors, various types of firms, and the industry overall, I believe I will be a better asset to the firm I represent and the clients I serve.
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University Honors Capstone Project Paper, University of Minnesota Duluth, 2018.
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Feyder, Michelle. (2018). The Department of Labor Fiduciary Rule : An analysis of the outcome for various financial planners and investors and the future of the industry. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/197792.
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