Brokers need to educate themselves for the New Day in April

All the broker dealers are spending millions in legal fees to comply with the new Fiduciary Rule. I think it’s just as important as for individual brokers to seek education in their soon to be new role as retirement plan fiduciaries.

This isn’t a slight against brokers because thinking like a plan Fiduciary is a lot different than being a broker selling commission based products. It’s like law school, which doesn’t educate students, the law, but to think like a lawyer,

When you spend your whole career selling commission-based product, there is going to be an adjustment period in learning how to act differently as a plan Fiduciary. I suggest that any broker out there with any retirement plans or IRAs in their book of business to seek out courses from the folks at fi360 or Dalbar to help them navigate the gap between being a broker and being a Fiduciary. I think it’s worth the investment.

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