In the wake of finalization of the Department of Labor’s fiduciary rule, one network of broker-dealers is readying advisors for the coming changes.

Cetera Financial Group, which provides platforms and services to more than 9,000 independent financial professionals and over 500 financial institutions across the country, has created a platform with a suite of tools and resources aimed at helping advisors identify areas of their practices that will be subject to the DOL’s fiduciary rule.

Read: 8 fiduciary rule FAQs for 401(k) plan advisors

The DOL DynamIQs platform has been designed specifically to help the network’s advisors understand how the new rule may impact their businesses. The platform also helps advisors gauge their readiness to comply and develop a strategy to successfully achieve DOL compliance. DOL DynamIQs is being rolled out to all advisors across the Cetera network at no additional cost.

The DOL DynamIQs tools are fully integrated with Cetera’s Pentameter practice management platform, Connect2Clients advisor marketing communications support platform and its advisor transitions platform.

Among the tools built into the platform are iQuantify, a diagnostic tool enabling advisors to assess their readiness for the rule, then helping develop a compliance plan while incurring minimal disruption to their practices.

Other tools in the platform include these:

an online assessment tool that allows advisors to identify assets and accounts in their practices that may be impacted by the DOL’s new rule
a quantitative tool aimed at providing advisors with an in-depth analysis of their business and a transition plan for client portfolios not in compliance with the rule
a dedicated consulting service to provide Cetera advisors with ongoing access to specialists who can help them transition client assets to DOL-compliant solutions
in-depth analysis of the regulation and its implications, combined with educational materials and webcasts detailing the impacts of the rule, how advisors can successfully adapt, and best practices for leveraging Cetera’s resources

The final rule does not prohibit commission-based sales, but when the rule is finally implemented in January 2018, any recommendation on a commission-based product will have to comply with the rule’s Best Interest Contract Exemption.

Instant Insights /

Cetera launches platform to aid DOL fiduciary rule compliance

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