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Advisers must prepare for fiduciary responsibility rather than hope to escape it
SNL.com; Friday, June 17, 2016 5:09 PM ET
Despite several lawsuits seeking to strike down the U.S. Department of Labor's fiduciary rule, financial advisers have veered from hoping to avoid the rule to scrambling to prepare.
At the Morningstar Investment Conference in Chicago, panels on the rule's implications for the industry were packed. When speakers opened the floor to questions, lines formed behind the microphones set up for the attendees.
In response to the first question asked at a June 14 panel about whether efforts in Congress and in the courts to defang or stop the rule might be successful, panelists said no good would come of hoping the rule would be prevented.
Market Synergy Gets Support in DOL Lawsuit
InsuranceNewsNet: June 17, 2016
The Department of Labor's fiduciary rule will damage fixed indexed annuities' primary channel of distribution, one that is rarely cited in consumer complaints, according to one of eight affidavits filed to support a lawsuit against the rule.
The affidavits were filed today to support Market Synergy, which is among five groups who have sued to stop the DOL fiduciary rule from taking effect. Represented by Carlton Fields Jorden Burt, a Washington D.C. law firm, Market Synergy sued in the U.S. District Court for the District of Kansas