DOL Fiduciary News: August 3, 2016
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DOL rule could erase indexed annuity gains next year
LifeHealthPro.com; Aug 02, 2016
LIMRA Secure Retirement Institute forecasts a 15-20 percent increase in retail indexed annuity sales in 2016, compared with 2015 results.
“For eight consecutive years, indexed annuities have enjoyed significant growth. Based on current sales trends, existing economic conditions and the imminent regulatory changes, we expect indexed annuity sales to accelerate in the second half of the year,” said Todd Giesing, assistant research director, LIMRA Secure Retirement Institute. “However we expect the sales gains attained in 2016 to be erased in 2017 when the Department of Labor (DOL) fiduciary rule goes into effect.”
Advice, Cyber Education Aiding Advisers on Path to DOL Rule Compliance
Best's News Service via Bestwire - August 02, 2016 11:09 AM
WASHINGTON - Despite a wave of litigation seeking to derail the U.S. Department of Labor’s fiduciary rule, guidance and online courses are being offered to help brokers and advisers prepare for the initial compliance deadline coming next April.
“It’s a game changer in the industry and everyone is struggling with what the regulations actually are,” Robin Traxler, Financial Services Institute vice president of regulatory affairs and associate general counsel, told Best’s News Service.
“The rule is very confusing. For example, they never define what reasonable compensation means,” Traxler said.