B-Ds and other annuity distributors are asking insurers for product specifications with an eye toward compliance with the new regulation.
The retirement industry has increasingly called for open MEPs as a way to close the coverage gap in the private sector, and recent congressional moves make them a strong likelihood.
Selection process will be like a suitability standard on steroids, requiring an analysis like those done by a financial planner.
Some broker-dealers and RIAs are turning to third parties to begin the tough task of educating advisers on the new regulation. <b>(Plus, <a href="http://www.investmentnews.com/section/fiduciary-focus" target="_blank">find the answers to all of your questions on the fiduciary rule</a>.)</b>
Longevity, rising costs make preparing a solid health-care budget next to impossible. <b>(Related read: <a href="//www.investmentnews.com/article/20160413/BLOG05/160419958/health-care-costs-squeeze-retirement-savings"" target=""_blank"" rel="noopener">Health-care costs squeeze retirement savings</a>)</b>
Voya allegedly took a "substantial portion" of the fee charged for investment advice, even though Financial Engines did the bulk of the work.
The insurer, which is moving to a "self-directed call center" approach for certain investment products, is among the few companies which has publicized plans for compliance with the DOL rule.
While some agree with the firm's logic underpinning the product, they question whether the product can overcome some of the traditional hurdles of managed accounts.
The Labor Department, however, offered a rebuke to the recommendations, saying they would erode consumer protections.
When helping retirees tap retirement assets efficiently so they don't run out of money in retirement, America is a laggard.
