Mainebiz

W W W. M A I N E B I Z . B I Z 31 N OV E M B E R 2 8 , 2 0 1 6 B A N K I N G & F I N A N C E F O C U S And the winner is... MainStreet-Foundation.org The MainStreet Foundation is proud to award its $25K for Kids grant to Preble Street Teen Center. Since 1978, we've been providing 'em. Seven Locations in Maine / 207.989.4824 / ces-maine.com / Engineers w Environmental Scientists w Surveyors Sensible Solutions Since 1978, we've been providing 'em. Solutions Caption, caption Fiduciary clients fall into four general categories: retired educators from Colby, Bates, Bowdoin and the University of Maine; mid- and upper-level management from large manufacturing companies who may have been forced into early retire- ment; small business owners; and people who still are working. Bernatchez says his fi rm provides comprehensive fi nancial planning ser- vices to investment management cli- ents who desire a fi nancial plan as well as to clients for whom it does not pro- vide investment management services. e fi rm typically requires a minimum account of at least $250,000. It's also affi liated with LPL Financial, the No. 1 independent broker dealer in the nation for 11 consecutive years that invests and manages more than $126 billion annually. Bernatchez says LPL also embraces the new rule. "I think we're seeing the slow death of commissions in our business," he says, noting that the smaller indepen- dent investment brokers and advisers who've been operating under a less stringent standard that only requires that their investment advice be "suit- able" are the segment most likely to be challenged by the new fi duciary rule. Fee-based accounts, for example, don't work as well for customers whose accounts have low balance (such as younger working adults just starting their retirement program). Smaller broker-dealers also might lack the personnel to keep track of compliance issues, or fi nd the compliance costs too prohibitive, which might well encour- age some of them to fold or pursue mergers with larger companies. Bernatchez says that to the extent that the DOL fi duciary rule encour- ages greater disclosure by fi nancial providers and greater understand- ing by consumers, it should lead to a stronger investment adviser industry and greater confi dence by its custom- ers that their retirement assets will be there when they need them. J M C , M a i n e b i z s e n i o r writer, can be reached at @ . and @ J M What we see as a What we see as a What we see as a What we see as a What we see as a What we see as a What we see as a What we see as a What we see as a What we see as a huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the huge benefit is the transparency. We're embracing it as a firm. — Brian Bernatchez, Golden Pond Wealth Management

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