New Fiduciary Rule Could Cover Insurance Agents
cheap moncler outlet WASHINGTON moncler outlet sale The Labor Department’s proposed rule would impose the fiduciary standard on anyone getting paid for advice related moncler sale to a retirement investment decision, including insurance agents Moncler Outlet , according to a version vetted by the Office of Management and Budget. cheap moncler outlet
“The fiduciary can be a broker, registered investment advisor, insurance agent, or other type of advisor (together referred to as ‘advisors’ here),” according to details released on Tuesday.
cheap moncler jackets The rule will be published for a 75 day comment period, followed by a public hearing within a month, issuance of a transcript of the hearing, followed by another comment period, and, then presumably, by a final rule. Labor Secretary Thomas moncler factory outlet E. Perez would not commit himself to a target date for issuance of a final rule, although it is expected to be before President Obama leaves office in 2017. cheap moncler jackets
buy moncler jackets Marcia Wagner, founder of the Wagner law firm, based in Boston, said the proposal is a “game changer” and one of its key provisions is thedefinition of a fiduciary. buy moncler jackets
“The DOL has effectively created a uniform fiduciary standard for all retirement advisors, including brokers and insurance agents,” Wagner said. “They will now effectively be subject to the same disclosure and compliance policy requirements that registered investment advisors are already subject to under securities law.”
moncler outlet If adopted, she said, the proposed DOL rule would put pressure on broker/dealers and insurance firms to closely monitor and limit the levels of variable compensation earned by their registered representatives and agents. moncler outlet
moncler outlet online Wagner saidit may cause someadvisors to become registered investment advisors”on the grounds that they would be subject to the same fiduciary standard anyway, but then they would have to forfeit their right to moncler jacket sale receive any commissions.” moncler outlet online
moncler outlet sale Of course, she said, “certain advisors may give up on advising plan clients moncler outlet online and going after rollover assets altogether.” cheap moncler jackets sale moncler outlet sale
cheap moncler sale At the moncler sale outlet same time, Wagner said, while theDOL proposal is a game changer, “it does closely follow what the White House has been saying moncler outlet store about it for the last few months.” cheap moncler sale
moncler mens jackets Perez and Jeffrey Zients, a member of the Council of Economic Advisers (CEA), said that the proposal will contain a “robust” economic justification. Perez noted that the first proposal, unveiled in 2010, did not contain an economic analysis that is a key part of the notice and comment federal government regulatory process. moncler mens jackets
They said the DOL’s regulatory impact analysis estimates that the rule and related exemptions would save investors more than $40 billion over 10 years.
moncler cheap moncler outlet sale outlet The proposal will seek to preserve access to retirement education, according to an accompanying fact sheet. This carve out is similar to previously issued guidance to minimize the compliance burden on firms, but clarifies that references to specific investments would constitute advice subject to a fiduciary duty, the proposal will says. moncler cheap moncler coats sale outlet
cheap moncler coats “Being a fiduciary simply means that the advisor must provide impartial advice in their client’s best interest and cannot accept any payments creating conflicts of interest unless they qualify for an exemption intended to assure that the customer is adequately protected,” under the proposed definition. cheap moncler coats
moncler sale The proposal seeks to distinguish “order taking” as a non fiduciary activity. As under the current rules, when a customer moncler outlet jackets calls a broker and tells cheap moncler the broker exactly what to buy or sell without asking for advice, that transaction does not constitute investment advice. In such circumstances, the broker has no fiduciary responsibility to the client, the proposal will say. moncler sale
It also carves out sales pitches to plan fiduciaries with financial expertise.
monlcer down jackets “Many large cheap moncler jackets employer based plans are managed by financial experts who are themselves fiduciaries and work with brokers or other advisors to purchase assets or construct a portfolio of investments that the plan offers to plan participants,” the proposal will say. monlcer down jackets
cheap moncler In such circumstances, “the plan fiduciary is under a duty to look out for the participants’ best interest, and understands that if a broker promotes a product, the broker may be trying to sell them something rather than provide advice in their best interest,” the fact sheet says. “Accordingly https://www.moncleroutlett.com , the proposed rule does not consider such transactions fiduciary investment advice if certain conditions are met.” cheap moncler
moncler outlet store Today, the portion of the marketplace focusing on guaranteed death benefits is undergoing a shift toward providing more options and flexibility for policy owners. Global Atlantic’s new Lifetime Foundation ELITE IUL bridges that gap between flexibility and options on the one hand moncler jackets outlet and strong death benefit guarantees on the other because now you can do both moncler outlet store.