IMOs can anticipate hurdles ahead under the DOL rule
August 27, 2016 by Warren S. Hersch
On August 12, LifeHealthPro chatted with Jason Smith, chief executive officer of Clarity 2 Prosperity, one of six independent marketing organizations (IMOs) seeking to become financial institutions under the best interest contract (BIC) exemption of the Department of Labor’s fiduciary rule.
In this installment, we talk with Bradford Campbell, an attorney at Drinker Biddle who is former assistant secretary of labor for employee benefits and past chief of the DOL’s Employee Benefits Security Administration (EBSA). Counsel to four of the six IMOs, including Clarity 2 Prosperity, Campbell offered new details on the application process, hurdles still to be surmounted, and potential sticking points related to pending litigation over the DOL rule.
Among the last: determining what is reasonable compensation for producers and the legal risks that IMOs and their affiliated agents and advisors face under the rule. Click HERE for excerpts from the interview.
