DOL Fiduciary Opportunities For Forward Thinking Firms
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1 DOL Fiduciary Opportunities For Forward Thinking Firms Deloitte Consulting LLP Christopher Grant McDaniel 1 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
2 Table of Contents Opportunities Overview Opportunities Detail Process Flow Process Approach Solution Stack Solutions & Services Questions 2 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
3 DOL Fiduciary Industry Opportunities The Impact to the Industry Creates Unique Options for Those Poised Maximize Their Potential Greatly expands definition of who is a fiduciary Provides limited carve-outs from being considered a fiduciary Creates new exemptions for engaging in certain prohibited transactions Amends existing exemptions that fiduciaries currently rely on Opportunities Shift From Variable to Fixed Shift From Commission to Fee Based IMO / BGA Transition Opportunities Direct to Consumer / Robo Shift From Traditional to BIC Dual Registered Advisors Orphaned Advisors Opportunities 3 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
4 Opportunity Details Remediation Transition s Carriers/ TPAs Wirehouse Bank Channel Broker/ Dealers Leader in market space for remediating existing model before competition Attract disenfranchised advisors/agents to remediated model IMO > Fiduciary IMO BGA > Fiduciary BGA IMO/BGA > B/D Distributor > Fiduciary Distributor Distributor from Commission>Fee Based Distributor > Direct to Consumer Carrier > Direct to Consumer IMO Consolidation BGA Consolidation Distributor Consolidation TPA Consolidation Carrier Consolidation Captive Carrier Individual Advisor/Agent IMO/BGAs Carrier > Fiduciary Compliant Carrier TPA > Fiduciary Compliant TPA Clearing Firms Clearing Firm > Fiduciary Clearing Firm PE/ Firms Clearing Firm > Commission and Fee Based 4 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
5 Process Flow Assessment Recommendation Implementation Remediation Sales Channel Product Offerings Operations Tool Capabilities Regulatory/Compliance BIC Key Data Services Commission/Fee Based Side-By-Side Compare Compliance/Back-Office Tracking Ops & Product Changes BIC Implement Key Data integration Commission/Fee Based Side-By-Side Compare Compliance Platform Ops & Product Changes Sales/Back Office Training Transition Document Existing Strategic Goals Options GAP Analysis Pros/Cons Recommendations Transition Planning Model Options Com to Fee Com to BIC IMO/BGA to BD Producer Licensing Incentive Comp Platform RIA Platform Transition to selected model Implement all associated back-office platforms Implement all required compliance and operational requirements Goals Traits Targets Planning Post Transition Planning Plan Post Transition Producer Licensing Incentive Comp Platform Compliance/Back-Office Tracking Implement compliance and operational platforms and processes to support acquisitions Implement Plan Implement Post Transition 5 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
6 Process Approach The market space approach is as follows Client Delivery Timeframe Carriers TPAs Wirehouses Bespoke/custom implementation utilizing Solutions from the SPA Solutions and Services Set Bank Channel Broker/Dealers IMOs Order Entry platform integrated Solution and Services Set BGA Clearing Firms Focused Off the shelf, non-customizable turn key SPA Solution and Services Set 6 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
7 Solution Stack Solution Providers will participate by the following means and mechanisms Category Oversight, IP/SME Consulting Services Deloitte Platforms and Training Large Platform Provider Data and Point Solutions Data Provider Platforms and Integration Order Entry Platforms Point Solutions Disclosures/ BIC Back office Providers CRM/ Financial Planning Regulatory/ Compliance Tracking RIA Goal Bespoke Suite Order Entry Integration Turn Key Off the Shelf 7 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
8 Solutions and Services Solutions Services BIC and Related Services Transition Services Incentive Compensation Program Producer Licensing Implementation Services Commission/Fee Based Qualification Service Marketing/ Promotion Strategy Document Management/ Back Office Platforms RIA Platforms Training/Education Side-by-Side Comparison In-Force Interaction Tracking 8 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
9 Solutions and Services By Offering Client Carriers/TPAs Wirehouse Bank Channel Broker/ Dealers IMO/BGAs Clearing Firms PE/ Firms Component BIC and Related Services Training/Education Implementation Services Transition Services Marketing/Promotion Strategy Incentive Compensation Program Producer Licensing Direct To Consumer RIA Platforms Commission/Fee Based Qualification Service Document Management/Back Office Platforms Side-by-Side Comparison In-Force Interaction Tracking Solutions & Services Turn-Key Order Entry Integrate Bespoke/Custom 9 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
10 10 Deloitte Consulting LIMRA Presentation Copyright 2016 Deloitte Consulting LLC. All rights reserved.
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