The final Department of Labor (DOL) “Conflict of Interest” rule pulled a few punches, but got in a surprise jab at fixed indexed annuities.
“I think RIAs who are truly fee-only are better positioned, but even those folks will have to accommodate new standards of care,” said Craig Lemoine, associate professor of Financial Planning with The American College in Bryn Mawr, Pa.
https://web.archive.org/web/20161220075122/http://insurancenewsnetmagazine.com/article/final-fiduciary-rule-what-it-means-3089
“The landscape changes for fee- and commission-based advisors; commission-based advice will see a higher burden,” he said. “All advisors will need to develop a deeper understanding of the source of retirement funds, if suggesting a rollover from a profit-sharing plan is actually in the best interest of the client.”
this last comment the most amusing to me. Um… Captain Obvi.
“You can still do commission-based products, but you will have to earn it,” Slott said.
-PRH
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