The new Department Of Labor Fiduciary Rule went into partial effect June 9 and many industries have been affected by it. Consumers are confused, many prospects are losing their advisors, commissions are impacted. However, the rule is not enforced yet. It goes into full effect January 1, 2018.
Its most controversial, Best-Interest Contract Exemption (or BICE) will be implemented in January. This contract exemption allows advisors to charge commission as long as they sign the legally binding agreement which states they put their clients’ interests ahead of their own.
According to several sources, DOL might make the rules less complicated but in the meantime we have noticed that some advisors are concerned about prospecting and marketing during this legal limbo.
What may seem like a complication may actually be a new opportunity which could boost the results of your marketing efforts. Here are the reasons why you need to market now whether you are fiduciary or non-fiduciary advisor and how we can help you:
|NON-FIDUCIARY ADVISORS||FIDUCIARY ADVISORS|
|Because “investment advice” is narrowly defined, general financial, investment and retirement topics can be included in your marketing.||Thousands of prospects may be losing their current advisor due to the DOL rule, it’s critical to market NOW, before the full rule goes into effect on January 1, 2018|
|If your commissions are going to be impacted by the rule, you need to increase the number of prospects you see every month to offset the loss and grow your business.||Consumers are going to be confused about all the conflicting messages regarding the word “Fiduciary,” use seminars/marketing to help address their questions and concerns.|
|We are your MARKETING FIDUCIARY! We will always recommend marketing solutions that are in YOUR best interest – based on your ideal client profile, market and the solutions your provide your clients.||We are your MARKETING FIDUCIARY! We will always recommend marketing solutions that are in YOUR best interest – based on your ideal client profile, market and the solutions your provide your clients.|
|The consumers who need for the products and services you provide aren’t going away just because of the Fiduciary Rule – market to them consistently!||We’ve been providing marketing services to financial professional for more than XX years and many changes in the market – from the dot-com crash, to the recession and financial market crash of 2008 – during times of uncertainty, consumers need help, education and a trusted financial advisor during those times – we know the best practices to help keep your appointment calendar full – no matter the economic situation.|
|Many advisors will be leaving the business because of the Fiduciary Rule – you can capture their orphan clients if you keep on marketing!||Many advisors will be leaving the business because of the Fiduciary Rule – you can capture their orphan clients if you keep on marketing!|
|There will always be a segment of your market needing your help!||Because of the media coverage that will accompany the implementation of the Fiduciary rule, consumers will be looking for more information about its’ potential impact on their financial plan and/or their current advisor. Keep on Marketing to meet with those prospects face-to-face.|
Call us at (866)855-3710 and we will help streamline your marketing efforts and find new opportunities.