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Screenshot of a breaking news alert e-mail from Q2 2017
Financial technology provider Broadridge Financial Solutions, Inc. (NYSE:BR) has announced a new suite of technology driven solutions to help the investment community solve several of the most pressing challenges associated with the upcoming U.S. Department of Labor (DOL) Conflict of Interest Rule. The new offerings – DOL Fiduciary Solutions, DOL Customer Communications, and DOL Compliance Reporting – can help firms validate, communicate and comply with the new rules, which take effect April 10, 2017.
The new DOL rule is one of the biggest regulatory events facing the financial industry. It will expand the definition of ERISA fiduciary investment advice and apply a “best interests” standard to a broader range of investment services, including retirement investment advice and certain IRA rollover recommendations.
The financial industry needs to evolve their businesses and strategies to meet the higher standards, and turn compliance into a competitive advantage. Forward thinking firms are using the new rule as an opportunity to further engage customers and deepen relationships through new technologies,” said Andrew Besheer, Product Lead for Broadridge’s DOL Fiduciary Standard solutions. “Helping fiduciaries meet disclosure obligations can provide an additional communications touchpoint to add transparency and clarity to point-of-sale transactions, and strengthen customer relationships, while improving firm-wide operations.
According to a Broadridge poll of nearly 500 financial professionals, 60% of asset managers, broker-dealers, insurance providers and record-keepers say that the new DOL Conflict of Interest rule will have a significant impact on their business models.
In over 150 Broadridge dialogues with financial institutions, the need for automated, repeatable, and thoroughly documented practices governed by each firms’ specific business rules is a consistent theme.