So, we can stop worrying about the DOL fiduciary rule, right?
August 28, 2017Not so fast… While it appears that federal regulators may put the brakes on implementation of the rule for as long as 18 months, there is still plenty of confusion about compliance issues that fraternals need to be aware of. This helpful alert published by Stinson Leonard provides some fraternal-specific advice to society executives and compliance professionals. And we’ll do a deep dive on DOL issues during two workshops at the Alliance’s Annual Meeting next month in Arizona. Bottom line: don't think that this issue is settled. Moreover, the underlying factors that stimulated the DOL rule – consumer distrust of financial services providers and some pretty egregious (and inexcusable) actions by a few bad apples - still exist. So rather than thinking about the “best interest” provisions of the DOL rule from a strict compliance perspective (i.e., what MUST my society do to not violate the DOL rule?), think of it from a marketing perspective (i.e. what can we do to earn consumer trust and distinguish ourselves from the competition?). Getting ahead of the curve may just be in the best interests of your society and the fraternal sector… Thank you for your kind words! I posted many blogs on many important issues, but putting up a photo of our new grandchildren set the record for reader responses. A sincere thank you for your kind words of congratulations. We really didn’t do anything to deserve it. To quote George Bernard Shaw’s epitaph, “I knew if I waited around here long enough, something like this would happen.” If you’re coming to the Annual Meeting I’ll be able to bore you with many more baby pictures… Our thoughts are with the people of south Texas… The images of flooding and destruction are heart-wrenching. Our hearts go out to our Texas fraternalists and their families. Our only consolation is knowing that, being fraternalists, they no doubt will play a huge part in all the back-breaking work that will follow Hurricane Harvey. For the rest of us, here are some ways we can help.