The DoL Best Interest Contract Exemption & What It Means for You

The DoL Best Interest Contract Exemption & What It Means for You

Posted by Ray Mulligan on Feb 4, 2016 11:10:30 AM

Have you spent a lot of time and resources trying to understand and prepare for the upcoming Department of Labor Best Interest of the Client Exemption proposal that will be finalized later this year? We sure have—because it will create big changes for our clients and the financial services landscape. The proposal means significant changes for almost all parts of your organization:

DOL_Chart.png*A sample DOL template can be found here.

While the proposal is not yet finalized, it’s time to consider how the DOL fiduciary proposal will change policy, procedure, reporting, documentation and systems, so that your firm can respond and comply. As we have followed and reviewed the potential changes, we are confident that the IFS Automation Platform and our solutions for onboarding, managed account conversion and asset movement will be well-suited to meet many of the challenges that the proposal will create.

Like the chart above illustrates, the DOL BICE rule will bring significant changes to your organization. The graphic below further illustrates how the rule will affect various functions and systems within your organization:


Since the IFS Automation Platform is flexible and adaptive, our solutions can easily respond to the forthcoming changes, as well as address any future adaptations to the rule. Because our platform interfaces with the many required data sources within your organization, the integration and document creation demands can be handled with ease.  And, finally, due to the complete audit trail, workflow engine and ability to track and report progress, your firm will be able to provide the verification required to demonstrate compliance.

We are currently developing products that will help firms tackle this new and complex collection of process, policy, and documentation changes. We would love to talk with you about what you think this proposal means and where you might face business process automation problems that we can solve for you.

For questions or more information on how IFS can help your firm prepare for these changes or to start a conversation, simply click the button below.

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Topics: Onboarding, Industry News, DoL, Regulatory Matters

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