Is the DOL Fiduciary Rule the End of Solicitor Arrangements? – Part 2
Every solicitor will become a fiduciary. This alone may be sufficient reason for some FAs to exit the industry, but what is more likely is a flood of new fiduciaries.
David Witz1 min read65 wordsIn my last blog, I discussed why the solicitor structure has grown in popularity. In this post, I review how the DOL’s Fiduciary Rule will change the role and structure of the solicitor.
New Requirements for FAs
- Series 65: Many FAs will need to take the exam
- Fiduciary E&O Coverage: FAs will need E&O insurance
- New Agreements: New contracts and disclosures needed
- ERISA Training: FAs must learn ERISA standards
