The DOL is requesting public input to determine potential future changes to its fiduciary rule, according to ThinkAdvisor. Labor Secretary R. Alexander Acosta told lawmakers this week that “this is the first step,” in the administration’s review of the rule, the publication states. Read the full story below. Also, Cetera Financial Group has announced plans to launch a facial recognition software program called Decipher, which will help its advisors gain deeper insights into client emotions and behavior patterns regarding their finances. Robert Moore, CEO of Cetera Financial Group, said the tool will help advisors meet the new requirements of the DOL fiduciary rule, according to an article at Financial Advisor. Read the details below.
DOL Takes First Step Toward Fiduciary Rule Changes
By Melanie Waddell
The Department of Labor has released a request for information seeking public input on potential further changes to its fiduciary rule, which takes effect Friday (June 9). The RFI was posted on the Office of Management and Budget’s website. Labor Secretary R. Alexander Acosta told members of the House Appropriations Committee Wednesday morning that the RFI “just this morning went public” and is “asking industry, asking consumers a number of questions about the rule, about how the rule is being implemented, about the impact the rule has,” adding that “this is the first step” in the administration’s review of that rule. “We need that information and we need that data in order to decide how to proceed.”
Cetera Aiding DOL Compliance With Facial Expression Software
By Karen DeMasters
Source: Financial Advisor
Cetera Financial Group, a network of independent financial advisory firms, is launching a new software program to enable its affiliated advisors to detect minute facial clues to better map a client’s financial future, Cetera announced. The facial recognition program is called Decipher and works with any device that has a web camera. The client or prospect watches a series of videos about financial situations and his or her emotional responses, telegraphed through facial expressions, are analyzed.