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Showing posts from July, 2016

Banks Strive to Thread the DoL Fiduciary Advice Needle in a Way That Allows Them To Retain Small Accounts

Wealth management operations at banks are burning the midnight oil to devise ways to bring all investment advice involving retirement money into compliance with the Department of Labor’s new fiduciary rule. 
By Robert Stowe England Raising fiduciary standards for investment advice across a banking organization creates a strategic challenge. How do you thread the needle of compliance while still also making sure that customers of the bank with smaller retirement account balances are not lost in the shuffle?
First of all, you clearly make it a goal that you intend to retain your wealth management clients, both large and small, according to JoAnn Schaub, manager of institutional wealth management at BOK Financial Corporation of Tulsa, Oklahoma with $71.9 billion in assets under administration.
The advent of the rule itself provides an opening, a silver lining of sorts. “It gives us an opportunity to sit down with our clients and evaluate where they are,” says Schaub, “What are their re…