Results of the DOL Fiduciary Rule Readiness and Impact Opinion Poll

Provided by Red Rock Strategic Partners and produced by Stathis Partners

In order to gauge the DOL Fiduciary Rule readiness of the bank and credit union channel, as well as their product provider partners, we asked two questions of industry executives. These questions focused on how significantly the DOL rule will impact their businesses and to what extent they have prepared for the inevitable ruling.

What we found is that 73% of industry executives believe that the DOL Fiduciary Rule will be either very or extremely disruptive to our channel, yet 63% of the executives polled are taking a “wait and see” approach and, at most, have a set of contingency plans being considered.

Our channel must be more proactive in staying ahead of the curve or we will be caught flat-footed and many firms will experience significant consequences, especially as they face competitors who are more prepared.

Red Rock Strategic Partners expects that the DOL Fiduciary Rule will have broad impact across multiple business lines within banks, brokerage firms and RIAs, as well as product providers.  It will require firms to change processes and procedures within a compressed period of time.

However, we believe that disruption can provide transformative opportunities for your business.  There will certainly be measures that will need to be put in place to comply with the specific items addressed within the DOL rule.  At Red Rock, we believe that the firms who embrace the change as an opportunity will differentiate themselves in the marketplace.  Accomplishing that will require intense focus on execution and change management from advisors, bankers, sales managers and executive leadership.  The Red Rock Strategic Partners team has passion and experience driving and supporting the execution of many of the core challenges and opportunities that this ruling will present to your firm.  Proven success produces results, and at Red Rock Strategic Partners we, side by side with you, will help you navigate towards flawless execution and desired outcomes.

Please contact Scott Dixon or Jessica Mobley to discuss a working relationship.

Click here to access your PDF report on the survey results.