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Market Alert: New Fiduciary Standard

Tuesday, June 7, 2016 Professional Development Series

I can do itThe United States Department of Labor has recently finalized a new rule expanding the definition of investment advice and imposing a new “fiduciary” standard (formerly a “suitable” standard) upon broker-dealers, investment advisers and other financial professionals offering retirement advice (the “Fiduciary Rule”). The purpose of the Fiduciary Rule is to reduce conflicts of interest between financial professionals (incentivized by higher commission or compensation levels) that recommend investment products and services that may not be in the best interests of their clients. Morningstar reports that the Fiduciary Rule will impact $3 trillion of client assets generating $19 billion of revenue in the Broker-Dealer, Asset Management, Wealth Management, Banking, Capital Markets, and Insurance sectors’ retirement account marketplace.

Please join the Financial Women of San Francisco and the Financial Planning Association of San Francisco to understand the critical aspects and consequences of the Fiduciary Rule. Our panel of experts will review the key components of this “pro-consumer” rule that imposes a “strong legally enforceable best interest standard.” 






Jill JacquesJill Jacques

Jill Jacques is the Global Wealth Management and Retirement Lead with The North Highland Company and has over 17 years experience in Wealth Management and Retirement. She consults with the top financial services firms on front-, middle- and back-office strategies, with an emphasis on client experience strategy and execution, investment planning and retirement marketing, strategy development, product development, sales force effectiveness, and training / change acceleration. She has also directly led Financial Advisors and national initiatives for an Advisor channel. Jill leads North Highland's Fiduciary SME team and is a thought leader in shaping the industry's response to the new fiduciary standard of care, through her contributions to publications such as Kennedy Consulting, Investment Advisor, Employee Benefit Advisor, and DCIIA. She has the unique background of both industry and consulting leadership.

Stephen WilkesStephen Wilkes

Stephen Wilkes, Of Counsel, The Wagner Law Group.Steve’s experience includes practicing as a partner in major national law firms, in-house counsel at major financial institutions as well as a Fortune 500 company, and now serving as a senior Of Counsel with The Wagner Law Group, a nationally recognized ERISA/employee benefits law firm. Steve has advised plan sponsors, financial institutions and investment professionals in connection with all aspects of qualified and non-qualified retirement plans, as well as the delivery of investment products and services in the retirement plan marketplace. Among Steve’s areas of concentration are the tax-law and ERISA Title I (fiduciary) laws governing retirement plans, as well as the applicability of federal and state securities and banking laws such as the Investment Advisers Act and FINRA rules to the distribution of  retirement plan products and services.  



Laura PilzLaura Pilz, CFP, CRPC

Laura Pilz is a Vice President and Wealth Management Advisor with Merrill Lynch Global Wealth Management. Her practice focuses on retirement planning strategies and investment management. Laura has worked in the financial services industry for 30 years and is a Certified Financial Planner (CFP@) and Chartered Retirement Planning Counselor (CRPC@).

Prior to joining Merrill Lynch, Laura was with Bank of America for over 20 years and she has also been the VP of Marketing for two internet-based start-up companies. Her education includes: BA in Economics from Chatham College and an MBA in Finance and Accounting from The University of North Carolina at Chapel Hill. Laura serves on the Boards of the San Francisco Ladies Protection and Relief Society, the Maybeck Foundation and is a Past President of Financial Women of San Francisco.

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