The challenge many institutions are facing today against evolving fiduciary legislation is how to develop a thorough and compliant planning process, field test, revise, standardize, roll-out, train, and monitor this process, and then accept the liability of each plan presented by an affiliated advisor to their clients to uphold the best interest standard.
Fiduciary regulations – whether from the SEC, DOL, or state insurance commissioners – are changing rapidly. If your organization is assuming the liability of financial institution status, making you ultimately responsible for overseeing the compliance of your advisors in meeting best interest standards–you understand the significant undertaking and resources this may require.
Because of our proactive nature, we have found that other financial institutions are seeing great value in partnering with us. The best thing we can do is to emphasize the level of due diligence and training that we provide to help mitigate risk for those institutions, advisors, and clients alike.
