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How Will the DOL Fiduciary Rule Affect Call Centers?

Retirement plan professionals of all stripes expect to have to adjust to the Department of Labor’s final fiduciary rule. But businesses are gearing up for more than the obvious adjustments they’ll need to make.

A strong majority — to the tune of 75% — of retirement plan providers told the LIMRA Secure Retirement Institute that they plan to change how their call centers function because of the rule.

The providers say that they will adjust how call centers handle calls that concern retirement plan distribution options. It’s an important consideration, since questions have arisen regarding whether call center personnel would be providing advice in the course of addressing inquiries — if they do, a fiduciary standard would kick in.

“Companies recognize that the DOL fiduciary rule is very complicated and adherence will require extensive changes to current business practices. Nearly three quarters of plan providers anticipate their call center staff needing training to be able to distinguish education from advice,” said LIMRA Secure Retirement Institute Assistant Vice President Matthew Drinkwater in a press release.