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

September 2017

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.

Author

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

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.

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