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American Financial Group developing new products, compensation structures in face of DOL rule
SNL.com; Wednesday, August 03, 2016 2:32 PM ET
American Financial Group Inc. is making product and compensation changes it hopes will blunt the impact of the Department of Labor's Best Interest Contract Rule.
The new regulation, often called the fiduciary rule because it applies a fiduciary standard to financial advisers who work on clients' retirement accounts, will have the largest impact on American Financial's sales of fixed-index annuities by nonregistered representatives in the retail channel, co-President and co-CEO Stephen Lindner said during a second-quarter earnings call.
Voices Income Planning for the ‘constrained’ investor
Bank Investment Consultant - August 03, 2016 11:26 AM
The much-discussed fiduciary rule was, among other things, an unintended gift from the Department of Labor to adviser, particularly those who focus on income-distribution planning.
There are several reasons for this fortuitous silver lining. Chief among them is the fact that retirement income is one area where advisers can most easily demonstrate a clear distinction between themselves and traditional, accumulation-focused advisers.