1st Global Announces New Investment Program, Guidance for CPA Advisors on Fiduciary Rule
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"The biggest question mark for the financial services industry right now is what may happen to the DOL rule under a Trump presidency," 1st Global President
"Countless Americans rely on the skills of comprehensive financial planners and need these professionals in their lives to help enable intentional living. We are not seeking ways to merely survive under these new regulations - we are setting ourselves and our advisors up to thrive."
While the company will continue to allow its nearly 1,000 registered representatives to sell commissionable products when they are in the best interests of their clients, it will reduce the number of funds available for use in retirement accounts when a commission is charged. These commission-based products will be allowed for accounts that meet specific requirements and will require a best interest contract (BIC) to be in place prior to the product being sold.
"Commissionable products are often the lowest cost option for clients, which is why we're preserving this choice, and we also know that a level-fee fiduciary option is a great way for families to save and invest,"
As mentioned by Peritz, 1st Global is adding a new fee-based advisory program to its Investment Management Solutions (IMS) platform. The new program is open to accounts with balances of
"We are embracing the spirit of the DOL fiduciary rule and seeking to provide investors with clear and transparent avenues to build their wealth,"
To aid advisors in complying with the fiduciary rule, the company announced it is enhancing its systems to help affiliated partners identify which of their clients' retirement accounts will require BICs once the rule becomes effective in April. In addition, the company added several new client-facing materials to a special resource center on its financial advisor website. The resource center was launched in
These announcements are the latest in a number of measures 1st Global has taken in 2016 to ensure its advisors and their clients have access to the investment vehicles and comprehensive advice they need to reach their long-term financial goals. The company has been advocating for investors by publicly urging non-traded REIT sponsors to lower the upfront commissions of non-traded REITs and other direct participation programs.
In addition, the company expanded its capabilities to allow its affiliated financial advisors to adapt a fee-based advice model. The new model, called Method 10® Seasonal Planning, creates a platform for advisors to have regular ongoing discussions with their clients on important financial planning topics.
"There are so many forces affecting change in the wealth management industry,"
For more information on 1st Global, visit the company's website at www.1stGlobal.com.
For more information on the company's National Conference, visit www.1stGlobal.com/conference. About 1st Global 1st Global was founded in 1992 by CPAs who believe that accounting, tax and estate planning firms are uniquely qualified to provide comprehensive wealth management services to their clients. 1st Global is a research and consulting partner that provides CPA, tax and estate planning firms with education, technology, business-building framework and client solutions that make these firms leaders in their professions through dedicated professional client relationships built around wealth management. Around 400 firms have chosen to affiliate with 1st Global, making it one of the largest financial services partners for the tax, accounting and legal professions. Certified Financial Planner
Keywords for this news article include: 1st Global, Finance and Investment, Investment and Finance, Government Agencies Offices and Entities.
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