Happy Friday, readers. After seemingly endless coverage, discussion and debate, what remains to be said about the Department of Labor fiduciary rule? Quite a lot, it seems. This week the DOL published an extensive FAQ document detailing the rule implementation process slated for 2017 and 2018—and providing crucial details about how the Best Interest Contract Exemption and other rule provisions will be applied. The full picture is presented below.
Attorneys and executives working for robo advice technology providers suggest the DOL fiduciary rule—as enumerated by the new FAQ publication—paves the way for their approach to succeed.
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At a high level, financial services firms are changing their salesforce compensation structure to regulate total returns for their sales teams and reflect their evolving corporate goals and strategies.
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The final rulemaking makes clear that, in the DOL’s view, a recommendation to take a distribution from an ERISA-covered plan and roll it over to an IRA (or from one IRA to another) presents a conflict to the adviser that should be addressed through a prohibited transaction exemption.
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It’s not just enough to understand what changes need to be made to comply with the stricter fiduciary standard—it’s also crucial to plan for how such changes will be implemented, step by step.
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More than half of broker/dealers surveyed by the LIMRA Secure Retirement Institute believe some of their advisers will retire rather than sell under the new.
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