5 ways annuity providers can use tech for fiduciary compliance: OPINION
November 28, 2016 by Mary Anne Durall
There’s been much conversation since the 2016 presidential election about whether the Department of Labor’s fiduciary rule will be abolished or remained active for possible adoption in April of 2017. It’s a valid concern given, the administration changes underway in Washington, D.C.
Politics aside, we continue to hear from clients that the intention behind the new rule — to protect the investing public — is a positive step, and one that is likely to come to fruition in some form.
Looking closely, very few pieces of legislation have had as significant an impact on the insurance and finance industry as the DOL fiduciary rule, released on April 6, 2016. The rule expands the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) of 1974. When the rule takes effect next year, it will require all who provide retirement investment advice to abide by a fiduciary standard. That means advisors and IRAs will be legally bound to put their clients’ best interest before their own benefit.
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