Meeting

Department of Labor Fiduciary Rule

Department of Labor Fiduciary Rule

On April 6, 2016 the Department of Labor (DOL) released its Fiduciary Rule, which becomes effective on April 10, 2017.  The Rule requires all broker dealers, including Davenport, to act as a fiduciary with respect to certain accounts, including IRA accounts.  Currently, Davenport is reviewing the guidelines from DOL and considering how to best serve our clients while simultaneously meeting the new requirements.  We have a working group dedicated to all aspects of the Rule and intend to continue placing our clients' needs and best interest at the forefront of our actions.  Some of our peers are beginning to release information about changes to strategies and business models.  Davenport will be finalizing our response and communicating with our clients in advance of the Rule's effective date.  Our primary goal is to maintain an account structure and relationship that best suits our clients' needs.

If you have any questions or concerns, please contact a Davenport Financial Advisor at 800-846-6666.