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DOL Fiduciary News: June 24, 2016

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Indexed annuity distributors weigh launching B-Ds due to DOL fiduciary rule

InvestmentNews; June 23, 2016 @ 11:27 am

Distribution networks representing independent insurance agents are weighing, and in some cases forging ahead with, plans to launch broker-dealers to continue selling fixed-indexed annuities in retirement accounts under the Labor Department's fiduciary rule regime.

Annexus, an independent insurance-product design and distribution company, is one prominent example of such a network pushing to establish a broker-dealer ahead of the initial implementation date of the regulation in April 2017.

John Hancock swims against the tide, doubles down on independent broker-dealer business

InvestmentNews; June 23, 2016 @ 12:14 pm

Unlike many insurance companies who are fleeing the high-risk, thin-margin independent broker-dealer business, John Hancock Financial Network, through its independent broker-dealer, Signator Investors Inc., has doubled down on its commitment.

Signator in May closed on its deal to acquire 883 registered reps and advisers from Transamerica. Those former Transamerica advisers have $25 billion in client assets and Signator now has close to $50 billion in assets under management, according to Brian Heapps, John Hancock Financial Network's president.

Thomas Perez points to two factors in DOL fiduciary rule's favor to prevail in lawsuits

InvestmentNews; June 22, 2016 @ 5:02 pm

Secretary of Labor Thomas Perez expressed no concern Wednesday about lawsuits that have been filed to stop the agency's regulation to raise investment advice standards for retirement accounts.

“I'm very confident,” Mr. Perez told an audience at a National Press Club luncheon in Washington.

Sheryl Garrett: How DOL Fiduciary Rule Will Rein in ‘Gunslingers’

ThinkAdvisor; June 23, 2016

In her soft-spoken way, Sheryl Garrett is a booming voice of the financial services industry. Despite that distinction, President Barack Obama is one of her biggest fans: In his speech last year pushing the Department of Labor to press on with its fiduciary standard rule, he pointed out Garrett by name as an FA who puts the best interests of her clients first. Attending the AARP event, Garrett, at Obama’s request, rose to a round of applause.

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