How to Connect With Co-Workers When You Work From Home

Working from home has many fantastic benefits – no commute, no noisy and distracting co-workers, and no dress code. Many employees love it, and their companies enjoy the lower overhead costs that come from having fewer if any, staff in an office. Organizations save on electricity and furniture and enjoy increased productivity. It’s a win-win, almost. One thing that can suffer in a remote-work environment is the sense of teamwork and camaraderie. When there’s no watercooler, the friendly banter is gone. Without someone occasionally selling cookies or gift wrap, you learn a little less about your co-workers’ families and interests outside the office. It’s easy to settle into your work-at-home-bubble and feel isolated from the people you work with. Is there any way to develop cohesion and connect with co-workers when you’re not working in the same place? Yes. Here’s how. Collaborate Through Technology “Use various technology platforms to collaborate …

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What President Trump’s DOL Action Means for the Advisor

What President Trump’s DOL Action Means for the Advisor

There’s been a lot of confusion in the past few days about the fate of the Department of Labor’s (DOL) Fiduciary Rule. It was widely reported on Friday that President Trump would be signing an order to delay the rule for six months pending further investigation. However when the order was finally issued on Friday afternoon things changed once again, so let’s get to the bottom of things. Only one order was signed (not two as originally expected) which had no specific reference to the Fiduciary Rule. Instead, President Trump has directed the Secretary of the Treasury to conduct a 120-day review of all laws and regulations related to the financial industry. The President also signed a memorandum on the Fiduciary Rule which although doesn’t specifically call for any delay in the ruling does call for a substantial review. According to Section 1 of the memorandum, “You [DOL] are directed …

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Demystifying the DOL Part 4: Capabilities Required to Meet Operational Requirements

Demystifying the DOL Part 4: Capabilities Required to Meet Operational Requirements

The advisor practice should be prepared to add new procedures and technology platforms to support the DOL operating environment. The requirements of an advisory practice to support DOL comprehensively will involve the capabilities and technologies described in the sections below. Contact Management/CRM Many agencies and advisory firms employ a form of Client Relationship Management (CRM) platform in conjunction with the practice. For many firms, however, the DOL will likely dictate a more comprehensive use of such a platform than many firms currently employ in operations. In the field, the CRM will be required to document prospect and client communications, since most communications can be construed as “recommendations” under the DOL and the advisor must avoid any recommendation that contains “misleading statements.” As such, the advisor and staff will likely have to thoroughly document these communications as a requirement of the Financial Institution and make the content discoverable and accessible in …

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Demystifying the DOL Part 3: Operational Requirements

Demystifying the DOL Part 3: Operational Requirements

To comply with the requirements of the DOL, the advisory practice must be prepared to do the following by January 1, 2018. Conduct the Practice as a Fiduciary At the highest level, the DOL Fiduciary Rule states that the advisor must act as a fiduciary to the client. To do so, the advisor must be “prudent” and “loyal.” Prudence requires that the advisor operates with a high standard in terms of monitoring, managing, and advising the client of the status of the investment property. Loyalty requires that the advisor make decisions that are beneficial to the client first and foremost and that would not be considered in the primary interest of the advisor at the expense of the client. Partner with a “Financial Institution” to Execute the Best Interest Contract The DOL Fiduciary Rule creates significant financial liability for the distribution partner. Under the DOL Rule, the advisor must work …

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