The DOL’s long anticipated and much debated Fiduciary Rule is now in effect (as of 6/9/2017). There is no arguing with the intent of the rule that advisors (including insurance agents) who offer advice on retirement plans act in their customer’s best interests. Who knew you’d even need a rule for that? Cue the sarcasm… Here’s a Fiduciary Rule Readiness Check: June 9th Effective Date. The DOL Rule includes the placement of an insurance policy or an annuity inside a qualified retirement plan which always begs the question of why place a tax-deferred product inside of a tax deferred product, however that is a subject for another day. A good look at The DOL Fiduciary Rule: What Does It Mean for Your Money?
The White House’s Office of Management and Budget website posted a notice by the Labor Department saying it plans to solicit information from the public and other interested parties about the rule. On June 1, the SEC announced it was wading into the fiduciary debate again by asking for public comment on how it could coordinate with the DOL on the rule. And the House GOP Introduces Bill to Overturn DOL Fiduciary Rule. There will be more to come on this issue.
Keep up to date on insurance
From “Oh, I should have known that” to “wow, that’s amazing”, I’m sharing a list of the best tips that you can use immediately to save money on your insurance premiums. You'll also receive The Insurance Literacy Newsletter to keep you up to date on Insurance News, Best Practices and Advocacy.