3 Questions Answered About the DOL’s “Conflict of Interest Rule”

3 questions answered DOL Fiduciary Rule Conflict of Interest Rule

Over the last year you’ve probably been hearing a lot about the Department of Labor’s proposed fiduciary rule, affectionately known as the “Conflict of Interest Rule”. And it’s no wonder considering the impact it will have on the insurance and financial industries. The 900 page proposal isn’t necessarily something you’d want to sit down with after a long day at work and dig into. So let’s break it down. First of all, who is most affected by this ruling? Well, if you’re part of the financial or insurance industries, you’ll most likely feel the heat. The ruling would have a direct impact on insurance agents, brokers, and advisors, as well as their partners (i.e. insurance companies). What is the proposal actually trying to do? Let me answer this one on a high level. When you boil it down, the regulation will create a substantial change in the way retirement plan …