Independent Insurance Brokers Most Impacted By DOL Rule, Attorney Says

April 30, 2024 by Tracey Longo

The insurance industry and broker-dealers will need to reconstitute how they do business to help, especially independent insurance brokers, meet the DOL’s new Retirement Security rule, said ERISA specialist Fred Reish said.

Effective September 23, with a one-year grace period for full compliance, the 476-page rule extends the fiduciary standard to anyone selling investment advice to plan participants and IRA holders, for the first time including insurance agents and brokers.

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Originally Posted at Financial Advisor on April 26, 2024 by Tracey Longo.