Overcoming Common Data Challenges to Comply with the New DOL Fiduciary Rule - Seguridad Mania.com - España y América Latina

Department of Labor which became law this past June are familiar with the requirements and upcoming deadlines. If you haven’t heard, compliance with the new fiduciary definition will not be required until April 10, 2017, with exemptions phasing in through January 1, 2018. The Rule will drastically change how financial advice is provided in the United States. The new rule will introduce intense pressure on financial advisors to change the traditional advisory model from commission to fee-based compensation and will substantially change product fees and features. Unfortunately, Retirement Planning, Wealth Management, Insurance companies, 401K companies large and small that look to comply with the new rule will face more scrutiny and reporting requirements that will expose holes in existing data management processes and technologies. Learn what some of these data challenges are, why they exist and why they have been difficult to address, and finally solutions to consider for this requirement and other regulations that require Great Data!