• Linda Willis

DOL and YOU



DOL….do those letters give you pause; create an immediate feeling of indigestion or just a concern that new regulation looms without clarity on the impact for both you and your clients? You are not alone. Some firms are choosing to opt for what might seem to be the regulatory path of least resistance (i.e. ML) and forcing clients into a fee based retirement account relationship or the “go it alone” option. Is this really the right course of action for clients and advisors? Leaving clients to fend for themselves seems counter-intuitive to the investment advisory business. Frankly, aren’t the smaller clients the ones who potentially need the MOST guidance and advice? Certain reactions from firms to the DOL mandates seem to be in direct contradiction to what every firm has espoused regarding the services and core ethos of the investment advice offered by their teams of advisors. To that end, while there are some people who hold licenses in the investment profession who may put their own needs and objectives before their clients, by and large, the investment professionals serving clients across the industry are committed to doing what is always in the best interest of the client (doesn’t mean sometimes investment professionals are not right in their recommendations – that’s what makes a market i.e. someone believing it’s is the right time to buy and someone else believing it is the right time to sell). Under the DOL mandates the role of an investment professional does not change. What really changes for some is the amount of documentation required to be maintained. While it may seem burdensome, most financial services professionals are already effectively in compliance. The reaction firms have will certainly inform the choices investment professionals make with respect to their career and under what umbrella they chose to serve their clients.

CAREER MANAGEMENT ADVISORS is ready to assist you in your analysis and review of your current situation and your options.


© 2016 by Career Management Advisors LLC.