DOL rule poses problems for advisers' daily routines

The greatest difficulties in adjusting to the new DOL fiduciary standard for retirement accounts are found in financial advisers' daily routines, says a new report from Aite Group consultants. Aite's survey of 152 financial advisers who actively service retail retirement accounts found that 69% reported that accommodating workflow changes is either somewhat or very difficult. Another 61% believe that ongoing training for the implementation, which continues until Jan. 1, will be a challenge, Aite said in a release. Documentation, which is now more important and involves client paperwork, sign-offs and notes to validate decisions, was cited by 64% of advisers as a pain point. An almost equal percentage of advisers — 61% — said that implementing entirely new systems and modifications to existing systems is difficult. Aite noted that the combination of documentation and technology goes a long way toward demonstrating best interest and proper due diligence on client recommendations and actions. Despite the implementation challenges, most advisers seem to have accepted the fiduciary requirement, Aite found, with more than three-quarters saying "keep it" or "modify it," and only 24% saying "kill it."