Broker-dealers on DOL fiduciary rule: Expect advisors to walk

September 27, 2016 by LifeHealthPro Editors

More than half of broker-dealers (54 percent) believe some of their advisors will retire rather than sell under new business rules to comply with the Department of Labor’s fiduciary rule, according to a LIMRA Secure Retirement study.

“Because the rule increases advisors’ liability, B-Ds also expect their advisors to stop providing advice to clients with lower IRA account balances,” said Kathy Krozel, research director, LIMRA Distribution Research.  “At a time when more Americans need access to advice, it appears that the new DOL rule may actually reduce access for middle income consumers.”

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Originally Posted at LifeHealthPro on September 26, 2016 by LifeHealthPro Editors.