Columbus, OH - To help advisors navigate the new Department of Labor (DOL) Fiduciary Rule, Nationwide is teaming up with two leading experts to launch a DOL Education Series. The series is designed as a resource for firms and advisors wrestling with the complexities of the new fiduciary rule.

“Nationwide has always been a trusted resource for information, and we want to continue that tradition of simplifying complex issues for our partners,” said Kevin McGarry, director of the Nationwide Retirement Institute^SM. “Our goal is to support advisors as best as possible, so they can focus their attention on building client relationships and minimizing service disruptions while working to comply with the new regulation.” 

Industry experts

Nationwide’s Education Series will offer advisors access to experts from both Nationwide and the industry through local market events and webcasts. For the industry expertise, Nationwide has partnered with Fred Reish and Brad Campbell from Drinker Biddle & Reath.

Fred Reish is a partner at Drinker Biddle & Reath and a leading expert on the fiduciary rule. He routinely serves as a consultant and expert witness on the Employee Retirement Security Act of 1974 (ERISA) litigation and Financial Industry Regulatory Authority (FINRA) arbitration. He has received numerous awards for his industry contributions, including selection by PLANADVISER magazine as one of the five “Legends” of the retirement industry. Plus, Reish has been recognized in 401kWire’s Most Influential People list every year since 2007. 

Brad Campbell works as counsel at Drinker Biddle & Reath and concentrates his practice in employee benefits advice. He specializes in ERISA Title I issues, including fiduciary conduct and prohibited transactions. Campbell is the former Assistant Secretary of Labor for Employee Benefits and head of the Employee Benefits Security Administration. As the former primary federal regulator for ERISA, he can provide insight and knowledge across a broad range of plan-related issues and serve as an expert witness in ERISA litigation. Campbell recently testified before two Congressional Committees regarding the effect of the proposed Department of Labor fiduciary regulation.

First event

The first Education Series event was a free webcast with insights from Fred Reish and Kevin McGarry. During the webcast, advisors gained:

• A better understanding of the key components of the rule;
• Greater awareness of the potential business impacts;
• And, information on key decisions advisors and their firms are considering.

To listen to a replay of the webcast, please click here. Nationwide will hold a second webcast with additional information on the new regulation and its potential impacts on September 13, 2016. Fred Reish will lead that discussion as well.

New DOL website

In addition to the webcasts and local market events, Nationwide created a DOL website. On the site, advisors will find information, tools and resources to help them adapt to the changes including thinking through whether they may be a fiduciary, understanding how the new regulations may affect their business, and how to address common client questions.

Resources over long term

Nationwide is uniquely providing resources over the long term as the industry works through this new regulatory environment. After this initial focus on education and understanding how the regulation may change business processes, the next phase will emphasize practice management and help advisors navigate the rule by offering them insights on best-in-class fiduciary practices and tools. The last phase positions advisors for success with information on how to build and grow their business. “Our industry will see a transformation from transaction-based thinking to a complete service-oriented mindset,” McGarry noted. “This series will equip advisors and firms to thrive with the rule in what is already a very noble industry.”For more information, please visit the website. 

About Nationwide Retirement Institute

The Nationwide Retirement Institute provides practical thought leadership through timely insights and education, client-ready tools and consultative support. Our comprehensive approach helps financial advisors, plan sponsors and clients break down and simplify the most complex retirement challenges.