SunTrust is supportive of the new Fiduciary Standard.
SunTrust supports the Department of Labor's Fiduciary Rule and its goal to help provide information that will allow you to make informed decisions about your financial future. The spirit of the Rule embodies our purpose to help move Americans from financial stress to confidence. With purpose driving our business and client interactions, our teammates are ready to assist you with your financial needs.
In February of 2017, a Presidential Memorandum directed the Department of Labor to review the Rule to determine if: i) the applicability of the Rule is likely to harm investors due to a reduction of Americans' access to certain retirement savings offerings, retirement product structures, retirement savings information, or related financial advice; ii) the applicability of the Rule has resulted in dislocations or disruptions within the retirement services industry that may adversely affect investors or retirees; and iii) the Rule is likely to cause an increase in litigation, and an increase in the prices that investors and retirees must pay to gain access to retirement services. As a result of the required review, the Department of Labor delayed the applicability date of the Rule until June 9, 2017, and delayed the implementation date of several key provisions of the Rule until July 1, 2019.
Effective June 9, 2017, investment advice providers to retirement plan investors must act in accordance with an “impartial conduct standard” while the Rule is being reviewed. This standard means the retirement investors must receive advice that is in their best interests, not be charged more than reasonable compensation for such advice, and not be subjected to misleading statements in connection with the advice received. At this time, it is not possible to predict whether the requirements of the Rule will change significantly prior to its new implementation date of July 1, 2019. During this period of uncertainty regarding the final content of the Rule and its ultimate effective date, SunTrust will continue to keep you informed regarding new developments related to the Rule, as well as meeting its obligations under the Rule, as they become effective.
Putting you first is not new to SunTrust.
SunTrust has expertise with fiduciary standards. For more than 100 years, SunTrust has provided Fiduciary Services to support client needs. The Fiduciary Rule will extend the application of the fiduciary standard to all retirement investors, including Individual Retirement Accounts (IRAs). The Rule will further require careful consideration of decisions to either transfer out of, or roll over from, employer-sponsored retirement plans into IRAs. In the coming months, we will provide further information about our products, product pricing, how advisors are paid, etc., as the final requirements of the Rule are determined.
Regulatory changes are a constant in the financial service industry.
At SunTrust, our teammates are well-positioned for the upcoming changes required under the Fiduciary Rule. In the meantime, we will continue to provide the thoughtful advice and counsel needed to help individuals achieve financial confidence.
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