More than 150 investment advisors and wealth managers converged on the nation’s capital on July 18, 2016, for IMCA’s second annual Focus on Fiduciary program. The sold-out event delivered timely updates directly from the Department of Labor (DOL) and Securities and Exchange Commission (SEC), along with two panel presentations: one comprised of financial advisors discussing the rule’s impact on their businesses, and the other of asset management industry researchers and executives sharing their views on how the asset management industry will evolve. The day also featured an audience-driven ethics session and an update from the Investment Company Institute’s general counsel David Blass.

Here are three timely takeaways from the conference plus links to media coverage:

1. Pay incentives front and center—guidance coming soon. Probable changes to pay incentive structures are among advisors’ chief concerns about the new rule, writes Mark Schoeff of . The DOL plans to issue additional guidance on the rule soon and wants to hear from advisors about any confusion about the rule, according to DOL deputy assistant secretary Tim Hauser, who delivered the conference’s first presentation. Read Schoeff’s article, Advisers asking DOL for clarification on fiduciary rule's impact on compensation.
2. Compliance costs may depend on your business model. The financial advisor panel featured three advisors working under different business models offering their views on rule’s impact. Ray Ferrara, chairman and CEO of dually registered Provise Management Group, expects his firm to shell out less than $10,000 initially to comply with the rule and doesn’t expect ongoing compliance costs, writes Washington bureau chief Melanie Waddell. David Eisen, senior vice president at UBS, has another view, saying “the cost to our firm will be pretty significant.” Read the article, DOL fiduciary guidance coming soon.
3. Rule moving ahead, advice defined. The DOL is moving ahead despite Republican efforts in Congress to bar the department from spending money on enforcing the new rules, writes Ted Knutson of . Advisors should understand the nuances of what constitutes advice when the rule is implemented. An advisor can describe an investment’s attributes to a client, but must adhere to the fiduciary rule when making a recommendation starting April 2017, Hauser said. Read the article, DOL exec on coming fiduciary rule guidance: 'You'll love it.'

Learn more about additional fiduciary initiatives from IMCA, and visit IMCA’s upcoming conference calendar.