The Department of Labor has filed a noticed (2/9/17) with the Office of of Management and Budget delaying implementation of the Fiduciary Rule. The notice does not state how long the compliance date of April 10th will be delayed, though 180 days is the popular theory. This in response to a recent directive by Trump to review the rule. So far, there have been three positive court rulings in favor of the DOL fiduciary rule. Potentially, the rule could be modified (again). The good news for consumers is that some companies have already started to design products that will fit a higher standard. Harold Evensky, known as the “Dean of Financial Planning” talked about how Trump’s directive to review The Fiduciary Rule won’t halt the financial industry’s evolution and will lead to more consumer friendly and favorably priced (lower expenses and fees) life insurance and annuities. When the insurance industry begins to develop well priced, simple annuities there will be a greater acceptance and implementation of these very useful insurance products. In fact U.S. insurers are “buying” corporate pensions plans by “selling” an annuity to the company at record rate.
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