RIIA®’s Household Balance Sheet View℠: A Map for the Strategic Use of Retirement Planning in the Development of New Business Model, Compliance and Data Collection Projects Under the DOL Fiduciary Rule

Complying with the DOL’s Fiduciary Rule includes the development of new projects including data collection platforms.  For instance, Best Interest Contracts apply under specific circumstances, for specific time frames and all must be tracked.  Our membership reports that the cost of rule-related business model, compliance and new data collection projects is crowding out other projects such as product development and marketing campaigns.  This focus of attention, funds and resources on the Fiduciary Rule is likely to last for a year or more.

RIIA®’s Household Balance Sheet View℠ and its derivative implementations with member partners are powerful tools for the development of these new business models, compliance processes and data collection platforms.  The “completeness” of the Household Balance Sheet and RIIA’s Procedural Prudence map (See 2016 RMA® Practice Manual For Newest Version) provide the potential for faster and more cost effective development.

Why?  Over the last decade at RIIA we have discovered and validated through academic peer-review and practitioner experience these tools as roadmaps for client-focused retirement planning.  They are complete – because they cover the requisite steps for retirement planning for all distribution channels, with all products categories and across all client types.  Leveraging these tools is a powerful starting point for comprehensive and efficient approaches to the development of these new projects.

Completeness is a key theme with RIIA because it originates from its founders’ “Walking the Path of the Client,” seeking a complete retirement solution from the point of view of the client (See RIIA Client-focused book: What’s The Deal With…The Retirement Management Analyst.)  Quality retirement advice cannot be achieved when it is incomplete retirement advice, in the same way that quality medical advice cannot be achieved unless it considers the concrete patient instead of an isolated body part in the abstract.

Having “completeness” from the point of view of the client is an essential starting point to help industry identify what data must be collected on these Fiduciary Rule platforms.

If you want to learn more, join us at the Summer Conference, July 18/19 2016, at Salem State University in Salem, MA or contact Francois Gadenne at RIIA.   Register here.

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