A New Era for ERISA THE FINAL RULE TRANSFORMS WHAT IT MEANS TO BE A FIDUCIARY
For more than 14 years, the U.S. Department of Labor has been trying to determine a new definition of a “fiduciary” under the Employee Retirement Income Security Act (ERISA). A fiduciary provides investment advice for a fee to employee benefit plans. Under ERISA, someone is a fiduciary if they have control over managing or using a plan’s assets, provide investment advice for a fee, and have responsibility for managing the plan. Since 1975, these discussions were only considered “investment advice” if they adhered to a five-part test. However, this past September, the Department of Labor released new regulations called the Final Rule that redefines what it means to be an investment advice fiduciary.
definition of who can be considered a fiduciary. Someone is a fiduciary if they regularly provide investment recommendations and advice to retirement investors for a fee. That advice must be based on the investor’s needs and reflect expert judgment that serves the investor’s best interests. They must also state that they are acting as a fiduciary when giving advice; however, if you’ve previously received one-time advice, that could now be considered fiduciary advice. That’s a lot of information to swallow, and by now, you’re probably wondering how this will affect the average person. In most cases, these changes will only affect those acting as fiduciary advisors and retirement investors, including participants, beneficiaries, IR owners (Ingersoll Rand Inc.), and anyone else involved with an ERISA plan. Through the Final Rule, you should receive better advice that puts your
interests first, providing more transparency about recommendations and any fees involved. It should also create greater accountability for advisers, brokers, insurance agents, and anyone else acting as a fiduciary. All in all, this is a great change for those who interact with fiduciaries. You can rest assured knowing the advice you receive will benefit you and your investments.
With this recent change, the five-part test goes out the window. The Final Rule expands the
Why Putting Customers First Is the Key to Growth Adopting the Customer-Centric Mindset
When you think of your customer’s buying journey, do you envision it from start to finish, or do you just focus on the sale? While that end goal is crucial, your marketing strategy needs to get them there. To nurture your customers through the checkout process, you have to put yourself in their shoes and develop your marketing strategy from their perspective from start to finish — an approach called customer-centric marketing. What Is Customer-Centric Marketing? Your product/service is impressive, but it’s your job to convince potential buyers. The bottom line of
One way to accomplish this is to meet your customers where they are. According to a 2023 Sprout Social Index Report, 53% of consumers increased their social media usage since the pandemic. Those consumers also desire stronger engagement from the brands they follow or support. How Can It Benefit Your Business? Your customers respond to techniques that appeal to emotions and invite reactions and interactions. This engagement helps nurture a relationship that gives you
that respond to customer needs easier. You need to make your brand stand out in your followers’ minds, creating new followers and allowing them to contribute while feeling heard and seen. Social media is the top channel for product discovery. However, before customers commit to a particular purchase, they check existing customers’ reviews, comments, and testimonials, making customer interactions paramount. Creating Loyal Customers Loyal customers are your biggest advocates and will continually choose you over competitors. Once you acquire new customers, it’s time to build those connections to create loyalty by reflecting their needs and values in your marketing campaigns. Customers who love a product or service stand by it and will tell everyone why they love it so much — and will do this without you asking.
more information about what customers want and helps them gain trust in your offer. Improve and Grow Focusing your marketing strategy on customers makes promoting tailored products
customer-centric marketing is to understand why a customer needs your product/service, how the product/service meets their needs, and if customers see themselves using your product/service.
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