DOL - Fiduciary Rule - Media
- 2016 04 - Morningstar - New Fiduciary Rule More Pro-Investor Than Previous Iteration - [Scott Cooley] - [VIDEO-YouTube-05:04]
- 2016 0628 - Morningstar - The DOL Fiduciary Rule: Winners and Losers - [Michael Kitces] - [VIDEO-YouTube-09:50]
- RIAs
- Products Distribution vs Advice
- 2 - Training
- 3 - CFP, Broker-Dealer - Fee-Based - 1990s - SEC - Hybrid Brokers-RIAs, Level-fee based Fiduciary Exemption
- 4 - Products - Winners and Loser - Indexed Funds - Low-Cost - Fiduciary not purely a Cost issue, Prudent Advice for Reasonable Compensation - Losers - High-cost - redistribution. Performance / Outcomes - Sales Force
- 7 - Annuities -
- 2016 1219 - Mark Bruno - Ed Slott: The DOL fiduciary rule is a game changer for financial advisers - [YouTube-02:51]
- 2018 0718 - InvestmentNews.com - State insurance commissioners don't include life products in their annuity suitability reform, by Mark Schoeff Jr. - [link]
- “We see no rationale for applying a best-interest standard or ‘suitability-plus’ standard of care to a fixed-indexed annuity transaction but not to an indexed universal life insurance transaction, or for applying a best-interest standard of care to a variable annuity transaction but not to a variable life insurance transaction,” the Center for Economic Justice wrote in a June 20 comment letter to NAIC.
- [Bonk: CEJ Letter - Is this the Correct one? -
- NAIC - “That is outside the scope of our annuity suitability rule,” said Iowa insurance commissioner Doug Ommen, vice chairman of the NAIC annuity suitability working group. “I expect that we will have further discussion about that issue.”
- Industry - The life insurance industry also is resisting expanding the NAIC rule to life insurance.
- ACLI - “Including life insurance in the model regulation is unnecessary because life insurance sales practices are already subject to comprehensive state laws and regulations which assure that life insurance products are sold consistent with the best interest of consumers,” J. Bruce Ferguson, senior vice president for state regulation at the American Council of Life Insurers, wrote in a May 29 comment letter. - <WishList>
- 2021 0602 - Doug Andrew - 3 Dimensional Wealth - What Is The Fiduciary Rule In Financial Services? --- [BonkNote] --- [YouTube-13:09]
- [Bonk: LASER Fun = Indexed Universal Life Insurance]
- 2 - Hidden Agenda -
- - Who is the best to look out for their own best interest, decision.
- 3-4 - 2008 - IRAs, 401ks - Lost money - 40%
- "I could show you how to protect yourself to never lose again when the Market goes down."
- Taxes - High or lower in the future
- 5 - Convert money to tax-free
- 5 - creating predictable income
- 4% rule
- 6 - Hidden Agenda of the DOL -
- 7 - CFPB - Richard Cordray -
- 9 - 30% into US treasuries
- 10 - I've never recommended people invest in a 401k or IRA -
- Invest in the LASER Fund
- 11 - The LASER Fund will knock the socks off of a 401k or IRA
- 2024 0111 - InsuranceNewNet.com - DOL on a ‘crusade to ban commissions’ with fiduciary rule, speaker claims, by John Hilton - [link]
- Commissions-based compensation is the backbone of the independent distribution of insurance products and is threatened by the proposed Department of Labor fiduciary rule.
- And that is the DOL's intent, said Marc Cadin, CEO of Finseca, who testified Wednesday at a House Capital Markets Subcommittee hearing on the rule.
- "The department is on an ideological crusade over the last 13 years to effectively ban commissions," Cadin said. "That's why they continue to come back and back and back with regulations that are so punitive that it will literally make it impossible for our members to do their jobs."
- Bradford Campbell, partner, Faegre Drinker, headed the Employee Benefits Security Administration from 2006 to 2009 under President George W. Bush. EBSA is the agency determined to expand the fiduciary standard.
- Congress allowed the Labor Department to have authority over workplace retirement plans because, in many cases, someone else is making crucial decisions for workers, Campbell explained.
- Through its fiduciary rule, the DOL is "seeking to export the rules that were designed for this special employer-provided situation into the $13 trillion retail marketplace for individual retirement savers that Congress never intended to have apply in that space," he added.
- 2024 0417 - David Macchia - John Hilton: DOL Adds Significant Legal Liability to Producers - [VIDEO-YouTube-01:49]
- 2024 0417 - InsuranceNewsNet.com - DOL fiduciary adds significant legal liability to producers, panel agrees, By John Hilton - [link]
- 2024 0425 - ThinkAdvisor.com - DOL Fiduciary Rule Add-On Could Boost Annuity Distributors' Clout, By Allison Bell - [link]