Annuity Issuer CEO Names DOL Fiduciary Rule Winners and Losers
May 14, 2024 by Allison Bell
The new U.S. Labor Department fiduciary standards for retirement rollover advice could help stronger independent marketing organizations crowd out competitors, according to the leader of a top annuity issuer.
Chris Blunt, the chief executive officer of F&G Annuities & Life, talked about the impact of the department’s new Retirement Security Rule regulation effort last week, during a conference call with securities analysts. The Labor Department itself suggested that IMOs could help agents and brokers compare a wide range of annuities, along with other investment options, and keep compensation differences from influencing their recommendations.
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Wink’s Moore on the Market: I’m not the only one who is concerned about Joe the Plumber getting the protection that he needs from annuities.
My friend Chris Blunt admits that the DOL’s fiduciary rule may discourage agents from working the middle market. -sjm
