3 exciting unintended consequences of the DOL rule (Opinion)

June 16, 2016 by Michael Markey

In November 2015, the Obama administration eliminated and phased out Social Security claiming strategies, calling them unintended loopholes. After Mr. Obama fixed Social Security, our savior of social injustice, along with his administration, he decided to fix the financial industry. The result was the Department of Labor conflict-of-interest rule. This rule created its own unintended consequences, which are not only massive but also extremely intriguing.

First, let me say this: I like the idea of all advisors, even bank tellers, being held to a fiduciary standard. But I don’t agree with the rule the way it’s written.

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Originally Posted at LifeHealthPro on June 16, 2016 by Michael Markey.