Let us be your resource to help you understand the DOL Fiduciary Rule and the effect it may have on your account(s). We will continue to provide you with the latest news and insights.
The U.S. Department of Labor will delay applicability of the Fiduciary Rule from April 10 until June 9. At that time, all financial advisors must act as fiduciaries when providing investment advice or recommendations to retirement investors.
The delay follows from a February 3 Presidential Memorandum that directed the DOL to examine several aspects of the Fiduciary Rule, including whether the Rule might adversely affect the ability of Americans to gain access to retirement information and financial advice and whether to revise or rescind the Rule. The DOL has indicated that it will conduct its analysis through much of 2017.
BOK Financial, our parent company, and our affiliates have been serving as investment fiduciaries for more than 60 years. Our organization understands the responsibility and has had processes and controls in place for decades that monitor and manage our fiduciary responsibility to clients. While we have been preparing for the specific requirements of the DOL’s Fiduciary Rule, our standard of providing investment recommendations based upon the needs, risk tolerance and other considerations for each individual investor hasn’t changed, thus we are very well positioned to comply with the new Rule.
In order to comply with the elements of the Rule that become applicable on June 9, your financial advisor will need to update data pertinent to your financial situation prior to giving you advice on investments for your retirement account. Once the data is gathered, your advisor will put together a financial plan. The updated financial plan will enable you and your advisor to make sure your investments align with your financial goals and objectives.
Many of you have already heard from your advisor about this new proposed regulation and have taken the necessary steps to conduct business as usual when the Rule becomes applicable on June 9. If you have not yet provided information for a financial plan, you may continue to direct trades in your account, but will need to have a financial plan in place in order for your advisor to assist you with investment options for your retirement account after June 9.
Our financial advisors are committed to providing you with the personal attention and service you deserve. You can expect our financial advisors to continue to offer educational tools and an enhanced financial planning process that will help align your life goals with a personalized, comprehensive financial plan. We remain dedicated in helping to advise you on your finances, manage your future income needs and work towards long-term financial security for your family.