The family office and wealth management industry is facing challenges front and center.
These challenges range from proposed consumer-first legislation and regulation, to the emerging influence of millennials, to tax reform.
These challenges, and the change they demand, make it more crucial than ever that the family office and wealth management industry remain flexible, adaptable, and able to retain talent, so it can achieve the scale necessary to provide sophisticated solutions to increasingly complex issues. This article summarizes the key issues that are demanding industry transformation.
After delays and scrutiny, the Department of Labor (DOL) Fiduciary Rule went into partial effect June 9. Full implementation of this landmark Obama-era investor protection rule is set for January 1, 2018. This sweeping proposed DOL rule elevates all financial professionals who work with retirement plans or provide retirement planning advice to the level of fiduciary to assure that advisors put client interests first.