DOL Fiduciary News: July 6, 2016
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LIMRA LOMA Secure Retirement Institute™ Launches New Course to Educate Employees About the DOL Fiduciary Rule Implications
WINDSOR, Conn., July 5, 2016 /PRNewswire/ -- The LIMRA LOMA Secure Retirement Institute today announced the recent launch of DOL Fiduciary Basics for Employees, a new short online course that offers an unbiased, simple explanation of what the rule means to industry organizations and their employees.
New LIMRA Secure Retirement Institute research finds that almost three quarters of retirement plan providers anticipate that their call center staff will need at least some training about the implications of this rule.
Despite lawsuits, DOL is working with advisers to help implement fiduciary rule
InvestmentNews; July 5, 2016 @ 1:48 pm
Despite battling several lawsuits designed to eliminate a recently approved investment-advice regulation for retirement accounts, the Labor Department is encouraging financial firms and advisers to come forward with their questions about how to comply with the rule.
The final version of the regulation, which requires advisers to act in the best interests of their clients in 401(k), individual retirement accounts and other qualified accounts, was released in early April. By the first of June, five lawsuits had been filed to halt implementation.
Looking Ahead to Fiduciary Rule: Two Advisors Tell Their Tales
InsuranceNewsNet; July 1, 2016
A year ago, financial services interest groups of every stripe pushed hard to sway Department of Labor regulators who were in the midst of drafting new conflict of interest rules governing the sales of financial products into retirement accounts.
Warnings were dire. Costs to retail financial advisors would rise and cause thousands of them to retire, scale back their practices or drop unprofitable middle market accounts.