DOL Fiduciary Standard: Making Sense of the Conflict of Interest Final Rule
Investment advice has changed; for the financial services professional acting as a fiduciary is not optional. The Department of Labor has made significant changes to the Conflict of Interest Rule as defined in the ERISA law. Financial services professionals must understand the scope of what has and has not changed overall. In addition, each must know the specific changes to ERISA.
After considerable analysis, Cannon presents this five-part eLearning series to assist financial professionals in understanding the Conflict of Interest Rule and its impact to ERISA. Additionally, this series provides financial institution’s with a straight forward way of demonstrating the firm’s employees have received training covering the DOL Conflict of Interest Rule.
• Professionals who attend this course will be able to:
• Compare and Contrast Advice versus Education
• Recognize potential areas considered to be conflicts of interest
• Define changes to the Conflict of Interest Rule within the ERISA law
• Describe the different types of Best Interest Contracts and Exemptions
• Summarize, compare and contrast the current state to the future state
The Fiduciary Standard of Care
In this module, participants will gain an understanding of what a fiduciary is, what the role entails and how one can breach their responsibilities. In addition, participants will explore the regulatory framework of the new Best Interest Contract Exemptions.
New Definitions of Investment Advice for Qualified Retirement Plans (QRPs) and Individual Retirement Accounts (IRAs)
In this module, participants will learn the new definitions of investment advice that are applicable for IRAs and QRPs. This includes the areas of: advice to a QRP plan, a plan fiduciary, a plan participant, a plan beneficiary, an IRA, an IRA owner, or an IRA beneficiary.
Exclusions from Investment Advice
This module presents an in-depth view of each of the seven (7) exclusions to the Conflict of Interest Rule and their impact. Areas of discussion include policies, procedures, client experiences, and value proposition.
Details of the Department of Labor’s New Fiduciary Disclosures (Best Interest Contracts)
This module will define and explain the necessary elements that need to be included in order to satisfy:
• Comprehensive Best Interest Contract
• Level-Fee Best-Interest Contract
• ERISA Plan Best Interest Contract
• Transitional Best Interest Contract (i.e. The Negative Election)
New Prohibited Transaction Exemptions & Modifications to Current Prohibited Transactions Exemptions
This module will explain the new prohibited transaction exemptions and the various amendments to existing prohibited transaction exemptions that will need to be included in a firm’s policies and procedures.
Please Note: Program access will be granted via email by June 6, 2017