With the Department of Labor’s (DOL) Fiduciary Rule now partially in effect, our industry is navigating this “new normal” regulatory environment. And while some aspects of our industry and business are adapting in response to the Rule, others remain at the core of our culture and DNA – serving our client’s best interests.
Five things to know
- Fees or Commissions? Clients should decide.
Clients deserve the opportunity to choose how they want to pay for retirement advice and the Rule acknowledges that both commissions and fees can be in a client’s best interest.
- Comprehensive financial planning is needed now more than ever.
The principles of the Rule highlight the importance of comprehensive, personalized financial planning as a way to understand what’s in the client’s best interest.
- Clients need a strong menu of products and solutions.
Comprehensive financial planning demands that we offer industry-leading solutions for clients. It’s what advisors and their clients want, and need, from a partner.
- There is no such thing as being too prepared.
Since the Rule was released, our industry has been working hard to ensure compliance as well as providing education and training advisors need to continue to be successful in this “new normal.” And, as the Rule moves towards its full effective date in January, we will be prepared, taking full advantage of the opportunity to renew a constructive dialogue with the Labor Department to reshape the Rule so that clients can continue to receive the advice, products and solutions they need in retirement.
- Client service should be first, last and always in everything we do.
The Rule does not and will not change the importance of comprehensive, personalized financial planning.
Lincoln Financial Network empowered your expertise with training, education, and support so that you can continue to provide comprehensive financial planning and serve your client’s best interests.