"During our recent 16-city Advisor Advantage Workshop series, we met with advisors across the country and we were struck by how thirsty they were for more guidance on the rule, and frankly, how little they were doing at that point," said Matt Matrisian, SVP of Strategic Initiatives at AssetMark.
The assessment tool is composed of detailed questions that assess advisors' understanding of the rule and its exemptions, gauge the extent to which they will need to change their compensation structure, and determine whether they have begun the process of developing a compliance plan. Based on responses to these questions, advisors are placed into categories ranging from most prepared to least prepared, with corresponding recommendations and resources for each category. The resources provide advisors with specific, actionable next steps based on their individual assessment that can help them address any necessary adjustments to their business practices.
"Our assessment tool and readiness campaign were created not only to help advisors comply with the rule, but to give them the tools and insights to thrive in the post-DOL rule world," said Natalie Wolfsen, Chief Commercialization Officer at AssetMark.
AssetMark's Readiness Campaign, of which the assessment tool is a key element, is intended to provide advisors with a one-stop resource for all of the information and solutions they need to comply with the DOL rule. The dedicated website for the campaign includes a series of educational webinars, a "Commissions to Fees Implementation Guide," an infographic outlining common advisor misconceptions about the rule, strategic planning worksheets, and more.
About AssetMark, Inc.
AssetMark, Inc. is a leading independent provider of innovative investment and consulting solutions serving financial advisors. The firm provides investment, relationship and practice management solutions that advisors use to help clients achieve their investment objectives and life goals. AssetMark, Inc., including its Savos and Aris divisions, has approximately $31.7 billion in assets on its platform and a history of innovation spanning over 20 years. For more information, visit www.assetmark.com and follow @AssetMark on Twitter.
Andrew Jarrell, Group Gordon
Ben Johnson, AssetMark
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