Morningstar: DOL Investment Advice Rule Needs Work

August 5, 2020 by Staff Reports

With the comment deadline looming Thursday for the Department of Labor’s investment advice rule, Morningstar previewed some of the expected criticisms of the long-anticipated rule.

In its comment letter, which Morningstar released to the media, the analyst firm that the DOL could go further to protect all investors receiving rollover advice in a variety of contexts. The DOL should revisit the “regular basis” prong of the five-part test to either eliminate this requirement or presume that it is satisfied in the context of a rollover.

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Originally Posted at InsuranceNewsNet on August 4, 2020 by Staff Reports.