DOL rule: Ex-NAIFA chief readies practice for the new regime
October 25, 2016 by Warren S. Hersch
Much of the current discussion about the Department of Labor’s conflict of interest rule is focused on the pending burdens: how much the new regulations will cost in education and training, needed changes to business processes, and other new compliance requirements.
These are coming down the pike, but so too are opportunities to grow one’s practice under a DOL regime. Transitioning to fee-based compensation could, for example, put your practice on more solid footing, as business revenue would be less dependent on new sales. Also to weigh: the prospect of growing your practice — potentially significantly — by acquiring books of business from retiring advisors unwilling to operate under the fiduciary rule.
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