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DOL Fiduciary News: September 15, 2016

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DOL Rule May – Or May Not – Be Cause of Drastic VA Sales Drop

Financial Advisor; September 14, 2016

In the first half of 2016, overall sales of variable annuities slumped 22 percent to $53.5 billion, the lowest total since 1998. This marks the first time VA sales have amounted to less than $30 billion in two consecutive quarters since 2002.

This, in part, led LIMRA to some pessimistic projections. For all of 2016, the insurance industry institute predicted in mid-August, VA sales would show a decline of between 15 percent and 20 percent compared to 2015 levels -- and drop another 25 percent to 30 percent next year. 

PANC 2016: Fiduciary Rule Aftermath for Non-RIAs

PLANADVISER; September 14, 2016

Expert panelists at the 2016 PLANADVISER National Conference offered up some important food for thought regarding nonregistered investment advisers (non-RIAs) serving the qualified retirement plan arena at a time of major regulatory change.

It won’t be news to readers of PLANADVISER that a new fiduciary standard will be enforced by the Department of Labor (DOL) starting in April of next year—a standard that will apply much more broadly and strictly than the one enforced under current law. Today there is still much room for advisers to deliver products to tax-qualified retirement plans in a nonfiduciary capacity, observed panelist David Kaleda, a principal with Groom Law Group Chartered. However, this space is going to collapse very quickly under the new fiduciary rule, which will designate essentially anyone offering advice for a fee to retirement plans a full-fledged fiduciary.

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