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DOL Fiduciary News: April 21, 2017

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DOL Fiduciary Rule Hurts Now, Annuity Community Says

ThinkAdvisor; April 20, 2017

The National Association of Insurance and Financial Advisors told the U.S. Department of Labor earlier this week that the DOL fiduciary rule is already hurting NAIFA members, and the NAIFA members' clients.

NAIFA gathered information for a new comment letter by conducting a member survey. The group received 1,093 responses.

  • 46% of the participants said the number of products they can offer clients has dropped.
  • 20% said they have seen minimum account sizes rise.
  • 43% said their commission compensation arrangements have gotten worse.

ACLI Comments on Labor Department Fiduciary Regulation

April 18, 2017

American Council of Life Insurers (ACLI) President & CEO Dirk Kempthorne issued the following statement on the Labor Department’s fiduciary regulation.

Washington, D.C (April 18, 2017) — “In comments submitted to the Department of Labor, the American Council of Life Insurers (ACLI) calls on the department to revoke and replace its fiduciary regulation.

“As written, the regulation harms consumers preparing for retirement. Among other things, it limits consumer access to education and information about annuities, the only financial products in the marketplace that guarantee lifetime income.

ERISA Fiduciary Training Platform Launches

PLANSPONSOR.COM | April 20, 2017

Xponential Growth Solutions and ERISA Smart have collaborated to create and launch Fiduciary Education.

Fiduciary Education is an online learning and certification hub for retirement plan sponsors and fiduciaries. With the program, students will learn directly from David Donaldson, former senior Department of Labor (DOL) investigator and CEO of ERISA Smart.

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