DOL proposal starts where Reg BI stops
November 30, 2023 by Mark Schoeff Jr.
An investment advice proposal recently released by the Department of Labor picks up where Regulation Best Interest leaves off — a point criticized by opponents and celebrated by supporters.
Click HERE to read the full story via Investmentnews
Wink’s Moore on the Market: I take issue with the suggestion that those purchasing annuities “come with hidden fees and surrender charges that can take investors by surprise.”
The surrender charges on annuities are disclosed no less than three times throughout the annuity sales process (presentation of marketing material, signing of the disclosure, and presentation of the contract). I find it laughable for someone to suggest that an annuity purchaser would be surprised by their annuity’s surrender charge.
Further- most annuities don’t even have fees. Those that do, have them plainly disclosed in a minimum font size, no less.
I appreciate Mark Schoeff Jr. at InvestmentNews, but the credibility of his sources may need to be vetted more carefully, going forward. -sjm
