Erin Sweeney Provides Practice Advice to Deal with DOL Fiduciary Rule in LifeHealthPro

"4 practical steps to dealing with the DOL fiduciary rule"
04.18.16Erin Sweeney provided four practical steps to deal with the U.S. Department of Labor's (DOL's) new fiduciary rule in LifeHealthPro. One of the most helpful parts of the final ruling is that commission-based products are eligible for the best-interest contract exemption (BICE), Sweeney said, adding that initially, the DOL proposal had many advisers worried that a commission-based program would never comply with BICE and that they would instead be limited to providing fee-based programs. "There are some helpful pieces in the final regulation, along with an understanding and appreciation by the DOL that complying with the rule is not one-size-fits-all and the rule doesn't intend to drive everyone to a fee-based model," she said. Advisers can start preparing for the new requirements and expectations by assembling a task force, looking at the current method for offering advice, identifying which areas are subject to BICE and deciding how to structure an organization under the context of the new law, Sweeney added.
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