DOL’s Fiduciary Rule & the Hybrid Advisor
Even before the Depart of Labor (DOL) began proposing new compliance regulations for all “financial professionals” who manage qualified investments such as 401(k)s and IRAs (but do not change or affect any non-qualified investment recommendations), Your Retirement Advisor (YRA) and our affiliated advisors offered (and continue to offer) a holistic approach for retirement planning that is Fiduciary Rule compliant.
YRA’s Know More. Have MoreTM retirement readiness system provides a repeatable (and defendable) process for implementing a pre-retirees’ retirement plan. Our system is based on education for each client and accountability in the form of individual planning steps and transparency in every part of the decisions being made. In fact, YRA affiliated advisors adhere to a strict research-backed (and objective) multi-discipline planning strategy that looks at every possible plan option based on each client’s values, goals, needs, risk tolerance, and other “uncontrollable” factors such as volatility, inflation and taxes. YRA affiliated advisors invest in becoming retirement experts, as well as conducting research and using technology tools to review and recommend the best mix of options for each client.
YRA affiliated advisors are “hybrid advisors” which means they are registered as both an Registered Investment Advisor (RIA) and a broker. A hybrid advisor can provide un-biased guidance on “all” aspects of a client’s financial position including fee-based planning, commission-based investment products, insurance and insurance products such as annuities…all of which play critical roles in a retiree’s plan. A hybrid advisor can offer the best mix of strategies at the lowest possible cost without bias toward one strategy or the other. YRA recommends that all individuals seek “best interest advice” from a hybrid advisor who also has a transparent system and client focused practice that puts the best interests of the clients first.
Many advisor’s today are very concerned about the new regulations because they have always just sold product or just simply managed money, and have not embraced the concept of a holistic retirement process/planning and therefore may not end up being DOL compliant. While we have yet to see what will happen with the DOL’s new proposed regulations on the financial services industry, for Your Retirement Advisor and our affiliated advisors, these new proposals will have little to no impact on the fiduciary friendly education, processes and accountability we already have in place. We have and always will put individual’s needs first. Let us know if you’d like to discuss the Fiduciary rule or why a “hybrid” advisor is the better option for pre-retirees.
Up to the minute report on the state of the new Fiduciary rule
