Time to talk (again) about our industry’s favorite topic (not really) … the Department of Labor’s (DOL) fiduciary rule.

First, some of you may be thinking that there’s nothing new to talk about, but some may be asking what the DOL fiduciary rule is to begin with. I will recap the rule (specifically, PTE 84-24 related to business submitted), cover where we are today, discuss your obligations are under the rule, and what we may expect in the future.

On June 9, 2017, parts of the DOL’s fiduciary rule became effective, and with it, new requirements to follow the DOL’s impartial conduct standards. With our government pursuing deregulation, much of the original requirements for the rule were delayed, but not rescinded. The June 9 implementation required financial professionals to make certain disclosers to customers. Financial Independence Group and many insurance companies created template disclosures statements to help fulfill this requirement.