FROM THE BLOG

Happy New Year! The time for deep reflection, soul-searching and the often short-lived New Year’s resolutions. Personally, I didn’t even bother this year. My body is naturally synched to go into hibernation for the last 2 weeks of the year and wake up January 1 energized and ready to rock and roll. For me, it means cleaning out the office, getting organized and setting myself up for mental success. It’s just my thing. If you are an advisor that hasn’t taken the independent plunge yet, or maybe have just tip-toed into an “independence on training wheels” firm, the new year is a great time to re-assess if you are at the right place for you. And since it is the new year and you are up for deep reflection and soul-searching, look further than whether or not you are fairly compensated. Look at the soft stuff, if you will. In my experience, it’s the soft stuff that will set you free.

Since it’s that time of year, I always like to dust off the trusty “How to pick the best independent firm for you” white paper. I have always gone with my lucky #7- 7 things to consider… well, this year, thanks to good ole DOL, I have to move it to 8.

In fact, let’s start with #8, and then move on to the rest of the white paper.

#8  Pay attention to your firm’s stance on DOL

Hopefully, your firm is actively communicating to you on DOL and the impending implications of the rule. Yes, there is some hope that Trump will scale back the rule, but in all honesty, the rule isn’t ALL bad. (For more on that, stay tuned for next week.) In reality, the rule will be implemented in some way, shape or form in a few months. There are 2 stances that I have seen firms take that are bright red flags to me: 1) staking their hopes that the rule will be repealed now and telling their advisors everything will be ok and they are taking a wait and see approach. (Yes, I swear I have heard this) or 2) taking the opposite approach and taking away choice and flexibility, regardless of whether it is in the best interest of the client. In my opinion, the wirehouses in particular LOVE the DOL rule. This is the perfect way for them to make every advisor look and act the same way. Easier for them, right? And, best thing of all, now they have the nasty little DOL to blame it on. I would suggest, you should look for a firm, or feel good about being with a firm, that is taking a common-sense approach to the rule. Yes, it is important to abide by the letter of the rule, however doing it in a way that lets advisors maintain flexibility and uniqueness with their clients is key. All clients are not alike- why should advisors be made to treat them like they are? Enough on this- tune in next week for the great parts of the DOL and the silver lining that has come out of it- 2017- The Year of the Client.

To read the rest of the white paper, click here.

See you next week,

Posted by Tarah Carlow Senior Vice President, Marketing & Advisor Loyalty