Company executives on Thursday shared early observations about how the new fiduciary rule may impact major insurers and financial services firms.

WASHINGTON — The final rule imposing a new fiduciary standard on the sale of investment products by the Department of Labor (DOL) makes “some meaningful improvements” from the proposed rule, a top official of Prudential Financial said this week.

Stephen P. Pelletier, executive vice president & chief operating office of the U.S. business unit of Prudential, said a major change for the company’s adviser unit from the proposed to the final rule is that it made the process for obtaining the required contract under the Best Interest Contract (BIC) exemption “less onerous than it originally was.”

Pelletier made his comments on the conference call with analysts that Prudential hosted Thursday in response to the release of its first-quarter earnings.  Click HERE to read the full article