TPMs are gearing up to adapt to the DoL fiduciary rule, which poses new challenges in product mix, information management, product selection, training, and litigation risk.

For the 7,000-plus advisers affiliated with TPMs, this rule represents a paradigm shift in how they approach their jobs. Gone are the days of the sales-driven culture that shaped a generation of advisers. Indeed, the adviser's job is about to get harder, and some old dogs are going to have to learn new tricks in order to survive.

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