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DOL Fiduciary News: May 26, 2016

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DOL Will Rely on Consumers, Advisors to Help Enforce Fiduciary Rule: Borzi

ThinkAdvisor; May 25, 2016

Less than two months after the Department of Labor issued its final fiduciary rule for financial advisors, the nonprofit Institute for the Fiduciary Standard launched its Campaign for Investors (  to educate investors on their rights when working with advisors and to provide advisors with guidance on how best to act in their clients’ interests.

The launch event at the National Constitution Center in Philadelphia, which included Vanguard founder John Bogle and DOL fiduciary rule architect Phyllis Borzi, focused on the impact of the fiduciary rule on advisors and their clients but also on future regulation.

Can Variable Annuities Evolve to Survive The DOL Rule?

Financial Advisor; May 24, 2016

While the Department of Labor’s fiduciary rule, released last month, will likely cause recent declines in variable annuity sales to continue, experts believe the products could evolve to survive.

However, the old fee-and-commission models that enticed advisors to sell variable annuities to clients are likely to become extinct — since any insurance broker, agent, broker representative or financial advisor offering advice about retirement accounts will now be deemed to be fiduciaries. Others think commissions may not disappear but will fall dramatically just as sales loads have in the mutual fund world.

Will Fledgling Fee-Based Variable Annuities Take Flight?

Financial Advisor; May 24, 2016

While the restrictions of the Department of Labor’s fiduciary rule will likely constrain the variable annuity business, one annuity company stands to gain from the regulations.

After building Monument Advisor, a no-load, low-cost, investment-only variable annuity, Louisville-based Jefferson National’s business will go largely untouched when the DOL rule is fully implemented in 2018.

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