*Post written by Shaun Christensen, IFS Account Director*
Since the early 2000s firms have had to establish an Anti-Money Laundering (AML) program that was built on four key elements:
Topics: Industry News
So, we finally have the ruling, after much anticipation and prognostication (including from us at IFS) the DOL Best Interest Contract Exemption ruling has been published, all 317 pages of it. If you need a little sleep aide, the entire document can be found here. The general consensus is that the final ruling is a reduction in burden to the financial services community, while still staying true to the clear objective to protect the individual investor and their retirement assets from excessive fees or unsuitable investment products.
As the “go live” date for the T+2 accelerated settlement initiative draws near, everyone is busy preparing their firms for the shortened settlement period. Assuming you have downloaded the T+2 Playbook from SIFMA, you probably already know about the main impacts the new policy will have on the broker/dealer community, which can be categorized into two buckets:
With the final DOL fiduciary rule likely to be finalized within the coming weeks, financial services firms must start planning their compliance strategy. A recent study conducted by the Financial Services Institute with Oxford Economics estimated that the new rule will cost nearly $3.9 billion to implement. From implementing new systems to adding personnel, firms will need to overhaul their infrastructure and processes to ensure compliance with the new standard.
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:
As is the case in the rapidly-evolving industry of financial services, 2015 was a year of exciting changes in terms of the products and services that are available to the financial consumer. As we reflect back on the year, let’s take a look at some of the most meaningful industry trends from 2015.