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DOL Fiduciary News: April 27, 2017

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Insurance Product Development in a ‘Wait and See’ Mode [conference coverage]

InsuranceNewsNet; April 26, 2017

ORLANDO -- When it comes to insurance product development under a Department of Labor fiduciary rule, the story is important.

And that doesn’t mean a page-turning novella, said Tim Pfeifer, president of Pfeifer Advisor in Nashville, Ill. The story refers to why a particular product is a match for the client.

“When an advisor decides to sell a variable annuity, especially in the qualified world, it needs to have something to justify its sale beyond a large selection of investment options,” he explained. “It needs to have something that maybe only an annuity can provide, which is maybe guaranteed lifetime withdrawal benefit, an enhanced death benefit, something that enables the advisor to say ‘This was an appropriate product because they can’t get this anywhere else.’”

No Evidence’ DOL Rule is Hurting Recruiting: Raymond James

ThinkAdvisor; April 26, 2017

While Morgan Stanley says the now-delayed Department of Labor fiduciary rule has put a damper on advisor movement, Raymond James says its independent channel’s recruiting efforts are going full steam ahead.

In fact, it has more than 85 prospects at its yearly indie advisor event taking place this week in Orlando – up from 75 a year earlier.

“We have seen no evidence that DOL has negatively impacted recruiting,” said Scott Curtis, head of Raymond James Financial Services, now hosting its yearly conference in Orlando. The event has drawn over 2,000 of the indie channel’s roughly 4,000 registered reps.

Fiduciary rule: A backup option for Trump?

Financial Planning; April 27 2017, 12:16am EDT

CHICAGO ― To effectively undo the fiduciary rule, the Trump administration may have to take an alternative path to wholesale rescinding the controversial regulation.

"It is remarkably difficult to do rule-making," said Aron Szapiro, director of public policy research at Morningstar. "It requires you to check a lot of boxes. If you do it wrong, you will be challenged in court."

The Labor Department's extensive impact analysis conducted in 2016 under the Obama administration "makes it very difficult to unwind everything," Szapiro told attendees at Morningstar's annual conference.

LIMRA and Wealth2k® Partner on Innovative Retirement Income Solutions

WINDSOR, CT (PRWEB) APRIL 27, 2017 -- The Department of Labor’s “Fiduciary Rule” has placed the spotlight on retirement income distribution planning both in term of a critical consumer need as well as an outsized business opportunity.

“LIMRA members have a huge stake in retirement income,” said Kenneth Cochrane, Vice President of Commercial Research at LIMRA. "In partnering with Wealth2k, LIMRA has staked-out a leadership position in this critical market. Our objective is to help our members capitalize on this multi-trillion-dollar opportunity in a manner that institutionalizes the member’s approach to the retirement income market.”

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