The U.S. Department of Labor’s Conflict of Interest Rule has predictably proven to be a contentious issue in the financial services community.
Dr. Craig Lemoine, CFP®, Director of The American College Northwestern Mutual Granum Center for Financial Security, notes that although the rule will not begin to take effect until April 2017, we are already seeing attempts to stop, alter or the delay it.
However, waiting to see the outcome of attempts to challenge the DOL rule before preparing for its implementation may leave financial services practitioners unprepared. Dr. Lemoine says to consider the fable of the ant and the grasshopper. While the ant diligently prepares, the grasshopper spends the summer singing the days away and finds itself unprepared to survive through winter.
Come next April’s deadline, are you going to be ready to operate in a post-DOL world, or will you find yourself like the grasshopper, who was so focused on what’s happening now that you didn’t take the time to prepare for the changes to come?