As the industry adapts to and prepares for the implementation of the DOL’s fiduciary rule, employee education and training is key. Firms will need to train RRs, IARs, agents, and other employees on the requirements of the new rule and their specific roles and responsibilities when acting in a fiduciary capacity. To help address this need, CFM has partnered with LIMRA to develop a Fiduciary Compliance Program designed to provide all client-facing employees with an understanding of the new rule and its practical impact on specific business activities. To augment this program, CFM offers additional professional development courses with its Fiduciary Education Program to address the ongoing and in-depth training needs related to the fiduciary obligations under the rule.

LIMRA Fiduciary Compliance Training

This Program is designed to provide advisers and other client-facing employees with a fundamental understanding of the rule and its requirements. Program courses include:

• Fiduciary Essentials for Sales and Service Professionals
• Applying the Rules: The Best Interest Contract Exemption
• Applying the Rules: Level Fee Fiduciaries
• Applying the Rules: Contact Center Representatives
• Applying the Rules: Registered Investment Advisors
• Applying the Rules: Insurance Representatives
• Applying the Rules: Sales Professionals Using PTE 84-24
• Applying the Rules: Wholesalers

CFM Fiduciary Education Program

CFM’s Fiduciary Education Program includes courses designed to meet ongoing and role-specific training needs related to fiduciary obligations under the rule. Characteristics and features of this program include:

• Initial and ongoing training regarding fiduciary roles, responsibilities, and best practices when acting as an investment advice fiduciary.
• In-depth training addressing fiduciary responsibilities related to recommendations of specific prohibited transactions, including IRA rollovers, proprietary products, and variable compensation and third-party payments.
• Extensive library of professional development courses that provides advisers with investment product and planning knowledge, essential to providing advice under the prudent person standard.
• Ability to tailor content with firm-specific policies, procedures, and processes.