DOL Announcement

April 14, 2016

Dear Valued Client,

You may have seen recent media coverage regarding a new fiduciary rule approved by the U.S. Department of Labor (DOL). This regulation will affect our business and the financial industry as we work under a new set of rules and disclosure requirements, but it should not dramatically impact the most important thing to us, which is our relationship with you. 

 We want you to know that we are working with our broker-dealer, Cambridge Investment Research, Inc., and its team of legal, fiduciary, and retirement experts as they are in the process of reviewing the details of the DOL rule. Given the DOL rule was posted with over 1,000 pages, we are expecting this to take a reasonable period of time to properly understand how this affects you as an investing client and us as your financial advisor, as well as the full scope of impact across the retirement industry. 

While the full details are unclear at this early stage, we are anticipating a “phased” implementation approach to the rule with some of the final rule’s changes taking effect in April 2017, and other requirements going into full effect on January 1, 2018. This phased implementation is appreciated so we can work together to decide what is in your best interests in terms of your investing and financial goals, while observing relevant requirements of this new DOL rule. At this point, Kohlhepp Investment Advisors, Ltd. and Cambridge’s policies or processing of business related to retirement plans or IRA accounts have not changed. If you have any questions about our current fiduciary status or the rules under which we currently operate, please ask! 

Remember: As CERTIFIED FINANCIAL PLANNER™ practitioners, we DO have a fiduciary responsibility to you. 

This simple commitment states: We believe in placing your best interests first.

Therefore, we are proud to commit to the following five principles:

•          We will always put your best interests first.
•          We will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional.
•          We will not mislead you, and We will provide conspicuous, full and fair disclosure of all 
       important facts.
•          We will avoid conflicts of interest.
•          We will fully disclose and fairly manage, in your favor, any unavoidable conflicts.

We greatly value our relationship and plan to provide you with periodic updates as insight on the new rule becomes clear and applicable to your investing interests and goals.

Sincerely,

Edward J. Kohlhepp, Jr., CFP®, MBA
President 

Edward J. Kohlhepp, CFP®, ChFC, CLU, CPC, MSPA

Founder & CEO

 

 

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Please contact us whenever there are any changes to your financial situation, personal situation or investment objectives.