This website uses cookies

This website uses cookies to ensure you get the best experience. By using our website, you agree to our Privacy Policy

International In-house Counsel Journal logoInternational In-house Counsel Journal logo

6 Steps to Compliance with the DOL Fiduciary Rule or a Uniform Fiduciary Standard

September 2017
ComplianceInsurance

Abstract

This treatise is designed to provide all financial advisers with practical guidance to achieving compliance with a fiduciary standard of care regardless of their specialty within the financial services industry. It explores six essential elements required to meet a fiduciary standard of care including the Department of Labor Fiduciary Rule (the DOL Rule). In addition, it can serve as “buyers guide” for the public consumer of financial services. Part 1 was originally written in early 2017 prior to the effective date of the DOL Rule which was initially April 10th. Since the publication of Part 1 in February, there have been significant developments in the rollout of the DOL Rule worth reviewing – here’s a quick recap to bring us up to present.

Read Paper

Author

Portrait image of Vince Micciche
Vince Micciche
CEO and Chief Compliance Officer, LifeMark Securities Corp, USA

Vincent Micciche CRCP, GFS Vince is a nationally renowned insurance and securities expert. Vince is the CEO and Chief Compliance Officer of LifeMark Securities Corp., an independently owned national broker/dealer and registered investment advisor which he co-founded in 1983. In 2002 he was awarded the distinguished designation of Certified Compliance and Regulatory Professional CRCP from the FINRA Institute of Professional Development at the Wharton School. He also holds a Certificate in Fiduciary Governance from the Walker Center for Global Entrepreneurship and the professional designation of GFS™ (Global Financial Steward). As a Chief Compliance Officer since 1983, he written and deployed policies, procedures and training to over 1,500 financial advisors. He is a prominent lecturer, writer and expert on Fiduciary Standards. Vince created one of the first Best Interest Contracts (BIC’s) as required by the DOL Fiduciary Rule and deployed it in April of this year. He has provided consulting services to financial institutions, state and federal regulators, attorneys and individuals for over 20 years. He has testified numerous times in FINRA arbitrations, State and Federal courts. Vince actively supports the development of uniform Fiduciary Standards for the industry. He is a member of the Life Insurance Task Force whose purpose is to compile and publish a set of best practices for the industry and propose they be adopted as a uniform standard as called for in the Dodd-Frank Act. He is also a member of the IRA Fiduciary Adviser Modules (IFAM) Task Force formed by the American Retirement Association which, in conjunction with Morningstar, is developing online training for advisers affected by the DOL Fiduciary Rule.

Company

LifeMark Securities Corp logo

LifeMark Securities Corp

LifeMark Securities Corp is an independent Broker/Dealer and SEC Registered Investment Adviser conducting business through individual advisers and branches throughout the United States. It was formed in 1983 by Vince and co-founder Andrew Kalinowski, a prominent player in the insurance industry. Since its inception it has served the independent financial adviser channel with distinction in providing traditional brokerage, insurance, financial planning and fee based managed accounts. Notably, LifeMark is a strong advocate of fiduciary standards for the financial services industry.

Related Papers

Common Reporting Standards
The recent spate of news resulting from the leak of over 11 million documents from the Panamanian law firm, Mossack Fonseca, (now commonly known as the Panama Papers or the...Read more
Portrait image of Steven Yeo
Steven Yeo
Senior Vice President & General Counsel, Manulife Asia, Hong Kong
Portrait image of Sören Seitz
Sören Seitz
Vice President & Chief Compliance Officer, Manulife Asia, Hong Kong
Compliance in the Insurance Sector
Compliance, as an autonomous concept and with its own implementation rules, is relatively new in the Italian legal framework. The objectives that are assigned to a compliance department nowadays were, in...Read more
Portrait image of Paolo Amato
Paolo Amato
General Counsel, Old Mutual Wealth Italy SpA, Italy
Co-Ordinating and Managing a Corporate Insurance Mediation Directive (IMD) Compliance Programme
The Insurance Mediation Directive (the ‘IMD’) was implemented across the European Union and European Economic Areas (‘Member States’) in order to remove restrictions on the freedom, and ability of...Read more
Portrait image of Ifeanyi Uyanneh
Ifeanyi Uyanneh
Director, Compliance, Affinion International Limited, UK
The EU Regulation on Digital Operational Resilience for the Financial Sector: Applicability & Compliance Guidance for ICT Service Providers
The European Union (‘EU’) Regulation on Digital Operational Resilience for the Financial Sector EU 2022/2554 (‘DORA’), the new cybersecurity framework for the entire financial sector of EU along with...Read more
Portrait image of Subhrarag Mukherjee
Subhrarag Mukherjee
Senior Legal Counsel – Strategic Alliances & OEM (North America & Worldwide), Hewlett Packard Enterprise, India