DOL Fiduciary Rule Rolled Out, Brokers Happy, Insurers Not So Much

Regulated financial advisers dispensing advice regarding retirement plans are now required to put their client’s interest ahead of their own compensation under a new DOL fiduciary rule rolled out by the Labor Department Wednesday. Brokerage firms appear publicly satisfied while insurance companies, particularly those that sell high fee annuity products, might not have the same affinity for the new rules. Labor Department cites DOL fiduciary rule as win for middle class, investors After being prompted by President Obama in February 2015 to require financial advises to abide by a “fiduciary standard,” a higher level than previous suitability standards, the Labor…