We are approaching a significant inflection point of new financial regulation that will reshape the financial services landscape in the U.S. These contours are being redefined by the U.S. Department of Labor’s new “fiduciary” rule details of which are due to be released soon. After many years in the making, this new rule will bring more financial services under a single uniform “fiduciary” duty as was first envisioned in the Dodd-Frank Act of 2010.
As a fiduciary to many of our clients, Russell Investments appreciates the importance of selecting and working with a fiduciary who can bring expertise to bear in its advice, whose interests are aligned with those of their client, and who is accountable for their actions or inactions. We are fortunate to work with private client advisors and institutional clients who share these principles, fiduciary principles that should guide how financial service providers adapt their products, services, and business models to continue to serve the best interests of their clients under the new fiduciary standards.
Russell Investments has been highly active throughout the DOL’s rulemaking process. Our aim has been to help ensure that the new fiduciary standards are thoughtfully designed to improve financial security for people. Among other things, that has meant identifying where rulemaking may adversely affect the ability of advisors to advise their clients (large and small) or the ability of plan sponsors to educate and engage their employee plan participants.
Over the next few days and weeks, we will be analyzing the final DOL fiduciary rule and engaging with our clients and partners to help them navigate this period of change by identifying ways they may want to consider adapting their business to sustainably thrive over the long-term. Our experience in fiduciary regulations, which pre-dates the birth of ERISA in 1974, has continuously evolved to help institutional clients and private client partners around the world navigate increasing fiduciary standards. It will continue to evolve and be called on to help our U.S. clients and partners adapt to the impending changes. We look forward to working with them, the DOL, and our peers to help advance financial security for us all.
Stay tuned for more on the subject from us in the coming weeks ahead.
Disclosures:
Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.
The general information contained in this publication should not be acted upon without obtaining specific legal, tax and investment advice from a licensed professional. The information, analysis and opinions expressed herein are for general information only and are not intended to provide specific advice or recommendations for any individual entity.
Russell Investments is the owner of the trademarks, service marks and copyrights related to its indexes.
Russell Investments is a trade name and registered trademark of Frank Russell Company, a Washington USA corporation, which operates through subsidiaries worldwide and is a subsidiary of London Stock Exchange Group.
Copyright © Russell Investments 2016. All rights reserved.
This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an “as is” basis without warranty.
UNI – 10796
