Are you dreading the review of the 476 pages that is the DOL Retirement Security Rule? Time is the most valuable asset a compliance professional has and battles against.

This rule becomes effective on September 23, 2024.  The next steps for most compliance officers is to review the rule, assess the type of policy to implement for the business, educate and train all effected personnel, and implement by effective date.

The ability to use artificial intelligence (AI) to break down this rule into digestible points was truly a time saving breath of fresh air to my schedule.  Within one day of having the rule I was able to query the chatbot for an action plan specific to this rule:

1. Understand the Rule – review the definition of an investment advice fiduciary
2. Identify Fiduciaries – identify all individuals within your organization
3. Conflict of Interest Mitigation – review current fee arrangements as assess conflicts
4. Disclosure and Transparency – review and update disclosure documents
5. Compliance and Recordkeeping – develop and implement policies and procedures
6. Education and training – provide education and training to fiduciaries
7. Monitoring and Updates – regularly review

And this was only the start of what Avery by RegVerse is capable of.  I will be able to use Avery to develop a rule summary, a policy, a procedure, and an action plan that will sync to my compliance calendar.

Adopting automation in compliance workflows is not just a technological upgrade but a strategic move that aligns with our industry’s growing need for commitment to compliance excellence. It empowers advisors to navigate the regulatory landscape with confidence and focus on what truly matters—providing clients with the best possible financial advice and services.

Are you ready to simplify compliance? Schedule your intro call now and take the first step towards effortless regulatory management.

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Resources used:

Federal Register :: Retirement Security Rule: Definition of an Investment Advice Fiduciary

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Key Terms: DOL, Retirement, Retirement Security, Fiduciary, Rules, Compliance, CCO, Avery, RegVerse, Automation, workflow