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.
In May 2017, the U.S. Department of Labor confirmed that it will conduct an examination of the Fiduciary Rule as President Donald Trump directed in February 2017, specifically to assess the potential impact the rule may have on the ability of Americans to access investment advice. The rule’s applicability date was initially set for April 10, 2017 and was delayed until June 9, 2017.
What happens next?
Beginning June 9, 2017, the DOL Fiduciary Rule requires financial advisors who make investment recommendations to act as fiduciaries, which means they must make recommendations that are in the “best interest” of clients when offering investment advice on 401(k) plan assets, individual retirement accounts (IRAs) or other qualified monies saved for retirement.
Our investment standard
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.
What you need to know about your retirement account(s)
In order to comply with the elements of the rule, 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 regulation and have taken the necessary steps to conduct business as usual. 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.
We are committed to helping you work toward your retirement goals
At BOK Financial Advisors, we fully embrace the intentions of the fiduciary rule. In fact, it’s always been the cornerstone of our business to provide advice that addresses the needs of our clients. That won’t change. We remain dedicated in helping to safeguard your finances, protect your future income needs and provide long-term financial security for your family.