Fee disclosures regarding rollovers will be tricky, though. “The jury is out on a lot of this,” Rieck said.
Tina Wilson, senior vice president at Mass Mutual, said the industry is moving toward advisors who aren’t just retirement specialists, but who can help clients with their greater needs.
“Look at how the individual sits in the plan holistically, so you’re not just solving their retirement needs,” she said. “If you happen to sell HSAs (health savings accounts) you can do that. There are a variety of different ways you can help that consumer, but it’s based on what they need.”
Rieck said advisors should use the new DOL rule to think about their whole business and what they want it to be.
“Take a step back,” he said. “Think not just what do I need to do to comply, but what do I want my business model to look like five years from now.”