Planners: We’ll Comply With DOL
April 15, 2016 by Cyril Tuohy
Planners say their “core mission” of delivering advice to investors large and small will not be affected by the Department of Labor’s new fiduciary rule, key elements of which take effect in a year.
Many of the new rule’s requirements will entail procedural changes. That will mean new costs for advisory practices around the country, but they aren’t expected to amount to “ongoing big costs,” said Ray Ferrara, chairman and CEO of ProVise Management Group in Clearwater and New Port Richey, Fla.
As a result, pricing for products and services isn’t expected to change due to the “Conflict of Interest” rule, which was released by the DOL last week.
“We do not anticipate any material change in pricing of our services or level of services we provide our clients,” said Chris Draughon, director of planning with First Coast Wealth Advisors in St. Augustine, and president of the Financial Planning Association of Florida. Click HERE to view full article
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