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Department of Labor (DOL) Fiduciary Ruling

New Regulation: Department of Labor Fiduciary Standard of Care

In April 2016, the Department of Labor (DOL)* released a new rule that requires all financial professionals providing advice on retirement accounts to be subject to impartial conduct and fiduciary, best interest standards. Many components of this rule became effective June 9, 2017.

On August 9, 2017, the Department of Labor took action to propose amendments to three additional components of the fiduciary rule that were scheduled to go into effect January 1, 2018. These amendments may delay the final applicability date of these components of the rule.

We remain committed to the delivery of the highest quality advice and service to our clients and to communicating how these regulatory changes may impact client retirement account options at Janney. We are working hard to ensure that not only are regulatory obligations being met, but that we continue to align any solution to the unique needs and goals of each of our clients.

We’re ready for any change.

With respect to the fiduciary rule, Janney has years of experience in offering fiduciary relationships to clients; Janney has for quite some time offered a range of account types and service offerings in furtherance of this including access to fiduciary accounts. Because of this long-standing practice, we have been able to efficiently implement the necessary steps to ensure our compliance with the new regulatory requirements that will be affecting retirement accounts. We are working closely with clients to ensure they understand the changes, if any, that may need to occur within their particular account in order to allow us to continue providing advice and service to them. Our financial advisors are well equipped to discuss and review retirement account options at Janney to be sure that not only regulatory obligations are being met but, also, that we continue to align any solution to the unique needs and goals of each of our clients.

We will continue to keep our clients’ best interest in the forefront as we also look to stay ahead of any regulatory developments that may impact our clients. While change in our business and in the regulations that govern us may be unavoidable, what never changes is our ongoing commitment and dedication to help clients achieve their long-term retirement and financial goals. We, and our financial advisors, remain committed to our clients, above all else.

*- The U.S. Department of Labor (DOL) is responsible for the administration of pensions and retirement plans. They ensure compliance with the Employee Retirement Income Security Act (ERISA), which sets standards for most retirement and health plans in private industry.