Is the end in sight for the DOL's fiduciary rule?; and the human touch in the age of AI
Financial Planning
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FIDUCIARY RULE: President Joe Biden's administration is likely to issue the final version of its most significant and controversial regulatory proposal relating to wealth management within the next three months.
Biden's Office of Management and Budget accepted the "Retirement Security Rule: Definition of an Investment Advice Fiduciary" proposal for review from the Department of Labor's Employee Benefits Security Administration. OMB could send the proposal back for reconsideration, but "what's more likely is that they would approve the rulemaking for publication in the Federal Register," said Leo Rydzewski, general counsel of the CFP Board.
"OMB could complete that review in fewer than 90 days, but it's a maximum of 90 days," Rydzewski said in an interview. "We would expect that OMB would be able to complete its work in less than 90 days, but we can't be sure of the specific timeframe."
VOICES: I'm sure you've experienced the growing barrage of marketing messages from financial services firms that deluge our inboxes. I'm up to 20 to 40 cold outreaches a day, and their sometimes clumsy attempts to make a personal connection only make them a bigger turnoff.?
I don't know if this is an early effect of more marketers using AI to scale their outreach, but I do know this: In the high-trust realm of wealth management, digital marketing and the "100x" promise of AI-driven solutions alone are far from a magic bullet.??
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FUTURE PROOF: Financial Planning is taking a special look back at the Future Proof Festival, a one-of-a-kind industry gathering that attracted nearly 3,000 financial advisors, wealth management executives, fintech leaders, emerging startups, rap icons and more to Huntington Beach, California, during the second week of September.
In this clip, Zach Conway, founder and CEO of Seeds Investor, discusses ways to help advisors better understand client needs and give them a more personalized experience.?
"I think as financial planners, for some reason, we get hung up on wanting to be really, really good money managers," Conway said. "And as that becomes increasingly commoditized, how can advisors really make a better experience around investing? Because that's what the client really wants — to feel connected to their money, what their money is doing in the world."
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