July 20, 2016
Join us as we host Michael Kitces to discuss the new DoL Fiduciary Rule.
* Hour(s) of CE: 1.5 hours
Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is a partner and the Director of Wealth Management for Pinnacle Advisory Group, co-founder of the XY Planning Network, the practitioner editor of the Journal of Financial Planning, and the publisher of the e-newsletter The Kitces Report and the Nerd's Eye View blog on www.Kitces.com.
With the issuance of a Department of Labor (DoL)
fiduciary rule on April 6 of 2016, the world of professional financial advice took its first
step into the future, declaring that brokers can no longer earn commissions and
other forms of conflicted compensation from advice via consumers, unless they agree to do so pursuant to
a Best Interests Contract (BIC) agreement with the client, or meet the
requirements to be a Level Fee Fiduciary.
Both standards commit the advice-provider to a
fiduciary standard of giving advice in the “best interests” of the client,
earning “reasonable compensation”, and providing appropriate disclosure and
transparency about the products and compensation involved, which in turn will
require significant changes to how advisors do business in the years to come.
What you'll learn by attending this webinar:
- How to describe the new Fiduciary definition and identify who the rule applies to.
- Why Fiduciary matters and identify what a prohibited transaction is and discuss when financial planners could use a prohibited transaction exemption (PTE).
- Understand what a Best Interest Contract (BIC) is, its requirements, how the BIC will be enforced, and who will not be subject to it.
- What you should do with the new DoL Fiduciary ruling and the different impacts that will be had by those advisors in an RIA versus Broker-Dealer.
So make sure you register now to join us and Michael Kitces tomorrow at 2pm EST!