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Best's News Service via Bestwire -- April 06, 2016 05:10 PM
WASHINGTON -- The U.S. Department of Labor has filed its long-debated conflict-of-interest rule defining a fiduciary adviser and that person’s responsibilities.
The rule amends the Employee Retirement Income Security Act by extending the fiduciary duty requirement to broker-dealers, including agents and brokers who advise consumers on retirement plans.
InvestmentNews; Apr 6, 2016 @ 1:01 pm
The rule the Department of Labor published Wednesday raising investment advice standards for retirement accounts is so watered down in response to industry concerns that investors may not be any better off, critics say.
Even though the new regulation would boost the advice bar for brokers, the final rule clarifies that there is no bias against selling proprietary products. It also requires fewer disclosures to clients than the proposed version of the rule, and doesn't specifically spell out the need to disclose the amount of fees and other charges being paid.
InvestmentNews; Apr 6, 2016 @ 4:25 pm
Those who thought fixed indexed annuities would be a benefactor of the Labor Department's fiduciary rule may want to think again.
The Department of Labor dealt a bit of a surprise blow to fixed indexed annuities in the final iteration of its rule, issued Wednesday, by lumping the annuities into a more complex and costly regulatory regime than they have presently, representing an about-face from the department's original proposal.
Financial Advisor; April 6, 2016
In the fallout over the final version of the Department of Labor’s sweeping fiduciary rule, advisors are praising a change that many say will enable them to provide more holistic advice on a client’s retirement accounts.
Under the rule’s final language, fiduciary advisors will receive an exemption for advice they provide to clients deciding whether to roll over an employee-sponsored retirement plan like a 401(k).
LifeHealthPro.com; April 6, 2016
Several industry associations reacted to the official release of the Department of Labor’s final fiduciary rule.
LIMRA LOMA Secure Retirement Institute said it is developing resources to help financial services companies adapt to the rule.
“The Institute was established to offer relevant and insightful retirement research and education for every sector of the retirement market. We know this rule is a transformational event for our members and the industry and we want to help you respond to this new reality,” said Robert Kerzner president and CEO, LIMRA, LOMA and LL Global.