For months now, advisors and firms have been scrambling to figure out how the new DOL rules will impact their business models and how best to prepare for their implementation, let alone what, if any, changes might be brought about by the new administration.
No matter what the Department of Labor or anyone else requires, serving the “best interest” of your clients should be just the starting point for what you do for them.
- Helping them organize their financial lives
- Thoughtfully guiding their decision-making
- Simplifying the complexities of the financial world
- Preparing them for the unexpected
- Coaching them through difficult times and situations
- Planning for generational transitions
- Serving as their advocate as well as their advisor
On a side note, I’ve always been amused whenever I’ve heard an advisor position himself or herself as being “held” to the fiduciary standard of putting their clients’ best interests first. I always imagine the client thinking, “So if you weren’t ‘held’ to that standard, what would you do—rip me off?” Wouldn’t it be better to position yourself as actively “embracing” the fiduciary standard?
And hopefully, you’ve been doing it all along, simply because that’s who you are.