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Written by: Jody Lowe, Lowe Group President & Founder
In both 2016 and 2024, the Department of Labor’s efforts to issue a fiduciary standard led to significant news coverage and major industry discussions. For some firms who shared their thoughts with media and others, it was a use case on how to elevate visibility by commenting and sharing insights around a major policy issue.
Earlier this year, the Department of Labor (DOL) issued a revised fiduciary standard that was celebrated by some and criticized by many. An earlier Fiduciary Rule issued in May 2016 received similar attention before it was tabled by the incoming Trump administration. While the DOL’s more recent standard now faces a court challenge and is in legal limbo, it remains a hot topic for retirement investors and the firms who serve them.
News and events as significant as the DOL’s Retirement Security Rule are relatively rare. But as a financial PR firm attuned to news-based opportunities to raise awareness, we urge our clients to take part in high visibility discussions to let their customers know where they stand and elevate the firm's authority on important topics.
Both DOL announcements were widely anticipated and received significant news coverage leading up to and for weeks after. In both cases, those who anticipated and mapped out a strategy in advance to share their insights on the new policy ended up ahead. And while coverage slowed after implementation of both rules hit legal barriers, we think the experts who were part of the debate still gained by raising their hands.
Why the debate was of interest
The DOL’s Retirement Security Rule establishes stricter standards on investment advisors who provide advice to retirement investors. It requires advice that is in an investor’s best interest. The new standard also requires written disclosures and documentation among other requirements.
In both 2016 and 2024, the fiduciary standard was heavily debated in public testimony and written comments. Opponents, including those in the insurance industry, argued that the regulations would create extra burdens that would prevent retirement investors from receiving professional advice. Others argued that the rule was necessary to protect vulnerable investors from advisors whose compensation may incentivize them to put their own interests ahead of their clients.
Coverage of the rule—both this year and eight years ago—was widespread. There were hundreds of news articles and commentaries on such topics as potential requirements for financial advisors and the fees they may charge, the costs for complying with the new standard and the possibility that some smaller investors might lose access to financial advice because of those higher costs.
Meanwhile, well-prepared financial advisory firms, retirement specialists, and industry associations used the news to communicate to their interested constituencies. Some issued news releases, while others prepared materials to be shared via email or on websites as soon as the rule was released, demonstrating to their key audiences that they were on top of the new standard. These proactive organizations and their experts were frequently called on and quoted by the media as the news broke.
And indeed, each time when the new standard was finally released, the announcements unleashed a torrent of coverage, analysis, commentary and social media. As noted by Frederick P. Gabriel, then editor of InvestmentNews, the 2016 rule’s release created an “adrenaline rush” that spread through the newsroom and lasted for a week. Gabriel’s magazine and other news organizations had extensive advance coverage for months before the ruling and followed up with cover stories, dozens of articles, commentary and slideshows that examined the rule and its likely impact in detail.
Twitter and LinkedIn posts from advisors, politicians, retirement associations and others revealed a wide range of views on the new standard.
Steps to create policy communications
Being proactive in communicating about a widely followed policy announcement can be a way to elevate your firm’s visibility. To prepare to communicate about major events such as the Retirement Security or Fiduciary Rule, we suggest you follow these steps:
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Get your arms around the issue.
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Identify what you have to say about it including what it is about your firm that makes your perspective valuable.
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Ask yourself who needs to know about it. Create a communications plan to reach them.
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Think carefully about your message. Determine what and how you want to tell your various constituencies—employees, clients, the community or industry, media.
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Determine who your spokesperson or spokespeople should be.
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Craft your communications.
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By the time the rule is set to be announced, most have a pretty good idea it is coming. That gives you plenty of time to be ready. Move quickly to share your communications in multiple ways as soon as the news is announced—via email, letter, website posting, news release, placed editorial or opinion piece and social media. For the media, getting in touch with them earlier is better. Most stories will be posted the same day; you’ll miss the opportunity if you contact them the next day.
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Make sure your experts are available to communicate with clients or participate in interviews.
We’ve encouraged investment pros to jump on major news like the Fiduciary Rule. Those who have been successful are consistently available, not just to score “one offs” but to become “go to experts."
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