Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.
Products July 5, 2016
LIMRA LOMA SRI Launches Fiduciary Training Course
According to LIMRA LOMA Secure Retirement Institute, nearly
three in four DC plan providers believe they will need to train their employees
about the new DOL fiduciary rule.
Reported by John Manganaro
The LIMRA LOMA Secure Retirement Institute (SRI) announced the launch of DOL Fiduciary Basics for Employees, described as “a new short online course that offers an unbiased, simple explanation of what the rule means to industry organizations and their employees.”
Coinciding with the release of the new training course targeting the Department of Labor’s (DOL) fiduciary rulemaking, Secure Retirement Institute research finds that nearly three-quarters of retirement plan providers anticipate their call center staff will need at least some training about the implications of the rule.
“Call center employees aren’t the only ones who will need to understand the DOL fiduciary rule,” warns Kathy Milligan, senior vice president of LOMA’s Education and Training Division. “This rule touches almost every part of the business, so it’s vitally important for financial services organizations to prepare employees as they transition to this new regulatory environment.”
According to the research group, the DOL Fiduciary Basics for Employees program is presented in 13 “short multimedia vignettes,” each being several minutes in duration. The coursework “has been designed to provide foundational knowledge about the rule and to establish a common language and understanding within an organization.”
In addition, the short lessons can be easily integrated with company-specific training and education, according to LIMRA LOMA.
For more information about the new course, visit www.loma.org/DOL. Additional LIMRA LOMA Secure Retirement Institute information is also at www.limra.com/DOL.