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DOL Fiduciary News: January 3, 2017

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Pacific Life Launches Fee-Based Variable Annuity at LPL Financia

NEWPORT BEACH, CA -- (Marketwired -- January 03, 2017) -- Pacific Life Insurance Company has launched Pacific Odyssey®, the company's fee-based variable annuity, at LPL Financial within LPL's Strategic Asset Management (SAM) and Strategic Wealth Management (SWM) platforms.

For LPL Financial, the move is a timely one. As a result of the new U.S. Department of Labor (DOL) fiduciary rule, which goes into effect April 10, 2017, many broker/dealer firms are placing heightened emphasis on offering fee-based products.

Why the new fiduciary rule spells opportunity for RIAs 

Financial Planning; December 27 2016, 1:43pm EST

The Department of Labor's new fiduciary rule has inspired plenty of doom-and-gloom predictions from critics who warn that industry profits will suffer and small investors will lose their access to financial advice.

But for RIAs, it’s becoming clear the new rules may actually present significant growth opportunities.

When the new rule takes effect next April, the DoL will extend to IRAs the kind of best interest protections that have long governed 401(k)s and other workplace-sponsored retirement plans. The new rule also makes advice about rolling workplace retirement assets into an IRA as investment advice subject to best interest protections.

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