September 28, 2016
A new survey by Fidelity Investments has found that 10 percent of financial advisors are planning to “leave or retire from the field earlier than expected” because of the Department of Labor’s fiduciary rule and 18 percent are reconsidering their career choice. These results dovetail with a recent NAIFA survey of members working in the retirement space, which found that more than 15 percent will no longer provide retirement plan products or services because of the rule.
Only 24 pe...
September 23, 2016
Much remains unknown about how the Department of Labor’s fiduciary rule will impact the retirement planning market, but one thing seems clear: it will be costly.
The DOL, itself, estimated the cost to comply with the rule will be between $10 billion and $31.5 billion over ten years, with the most likely figure being $16.1 billion. The department expects $5 billion in first-year costs and $1.5 billion in annual costs after that.
Two companies have released figures on compliance...
September 17, 2016
A survey by the National Association of Insurance and Financial Advisors of its members found that many advisors believe the Department of Labor’s fiduciary rule affecting retirement products and services will damage their ability to serve their clients, particularly those who are lower- or middle-income clients.
According to the survey of 1,167 NAIFA members, more than 62 percent said the DOL rule will or probably will force them to stop serving some or all of their clients. An addit...