ORLANDO, Fla. – As firms and advisers struggle to understand and incorporate the upcoming fiduciary rule regulations, Pershing has become the latest firm to step into the breach by creating tools and services designed to help, and in time, to profit from the confusion.

While some of the products, such as a digital platform designed to aid planners navigate confusing transaction exemptions, have not yet been launched, or even priced, Pershing is counting on demand by firms struggling to incorporate the rule’s demands.

“There are things we’re doing that will enhance some of our existing solutions,” said Rob Cirrotti, managing director and head of retirement and investment solutions at Pershing. “Things that will now allow the compliance components that we’re building to sit alongside these capabilities and will provide a more holistic set of solutions.”

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One aspect that Pershing is taking aim at is the day-to-day tasks that will change for advisers. For instance, Pershing said it will provide advisers with new mutual fund and ETF wrap solutions designed to serve emerging investors. It will also offer new practice management materials, according to a press release.

In addition, Pershing plans to help clients determine what Best Contract Exemption is right for that particular firm, along with other regulatory guidance.


“We’re looking to create an end-to-end compliance platform that will facilitate a firm’s compliance,” said Cirrotti. He went on to explain that this platform would help firms with creating the contract itself, navigating multiple tiers of disclosure, the record keeping and reporting and the supervision and surveillance tools

At this time, however, the additional tools, platform and solutions have yet to be assigned a price tag. Cirrotti said that clients needing to pay for these new services are “yet to be determined.”

“If you think about the investment that firms would need to make in order to do it themselves, that’s a heavy lift,” he said. “There will be some expense that we will need to pass on to our clients.”

While Pershing is working on making these initiatives a reality, Cirrotti noted that these solutions do not have a specific date at which they will be released.

“Our hope is that some of these solutions will be available this year,” he said. “We’re shooting for year-end and there will potentially be a phasing. There will be some things that we will not be able to get to just given the size of it that we’ll phase in over time.”

Andrew Pavia

Andrew Pavia

Andrew Pavia is the Assistant Managing Editor for Financial Planning, Bank Investment Consultant and On Wall Street.