Advisors and Firms Must Now Adapt to Survive
April 27, 2017 | by Bob Curtis | Financial Advisor IQ
Everyone is talking about the uncertainty around whether the Department of Labor’s proposed fiduciary rule will be delayed further due to the executive order from President Donald Trump, or if it will be implemented at all. What they are not talking about is how — in response to the fiduciary rule’s planned introduction and preparations for it — the business of financial advice has changed and what advisors need to focus on to grow their businesses.
Regardless of the motivation, the financial services industry is now well on its way to addressing important issues such as transparency and value. The desire for increased transparency and a concerted effort to provide a best interest standard for service will benefit advisors and consumers. Advisors will have the opportunity to use these issues to differentiate their offerings, which will in turn help them to grow their businesses. Consumers will benefit from a clearer understanding of the services they are receiving and an increased commitment to a higher service standard.
