Financial services companies looking for ways to adapt to the new Department of Labor fiduciary rule might want to check out the LIMRA LOMA Secure Retirement Institute's efforts to help them.
Issued Wednesday, the fiduciary rule differs in a number of respects from the rule that was originally proposed—but that doesn't mean that the financial industry has a complete handle on it, or its implications for businesses.
The Institute aims to help out with that, is already engaged in a number of efforts toward that end, and has even created a microsite just to gather all those resources in one spot.
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Events ranging from a working group to a virtual town hall and a symposium are being conducted over the next few weeks, discussing a spectrum of topics including compliance resources; the scope of the rule's application; areas of litigation risk; and implications for product design, distribution and communications.
Other events are planned for later in the year, according to Robert Kerzner, president and CEO of LIMRA, LOMA and LL Global. In addition, the Institute is conducting a series of studies aimed at learning how companies are responding to the rule, assessing its impact on the industry, and considering its effects on the market.
It is also creating a range of training programs for both home office employees and producers.
Kerzner said in a statement, "Over the next weeks and months we will host several events, where industry leaders tasked with implementation can share their ideas and perspectives on the challenges created by the DOL fiduciary rule. These events will facilitate collaboration across the retirement market to find industry-wide solutions."
Resources are available at its microsite, http://www.limra.com/DOL/.
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