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DOL Guidance On Fiduciary Rule Does Little To Clarify Ambiguities

Tuesday, November 1, 2016

The Department of Labor (DOL) issued new fiduciary rule guidance in the form of 34 frequently-asked questions, which focus primarily on the best interest contract exemption, grandfather issues, and some compensation issues. 

This is the first in a series of three FAQs the DOL has said it will issue. The current FAQ explains that new money can be invested to an established portfolio without negating the DOL rule’s grandfather clause, and that selling an asset will not negate the grandfather provision unless there is an advisor makes a recommendation to purchase a new asset that would result in new compensation.

Otherwise, however, the FAQ lacks significant clarity or simply restates what is in the rule and its preamble.  NAIFA hopes that future guidance from DOL will address remaining ambiguities.

Legislative Updates 2017

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March 2, 2017
Moses Lake

2017 State Convention
May 24-26, 2017
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104 W. Woodin Avenue, Chelan, WA 98816

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Upcoming Events

NAIFA partners with the College for Financial Planning

Life Underwriter Training Council

Whether you take it online or in-person, the LUTCF professional designation can help you improve your business by "leaps and bounds" like jumping tall buildings!* Check out NAIFA's LUTCF program page for details on becoming a LUTC Fellow and raising your professional reputation with LUTCF!


Contact a moderator for more details:

Michael C. Staeb | Seattle/Eastside | (855) 627-8232
Wayne Lunday | Lower Columbia | (360) 273-6991
Stephen Good | Seattle/Eastside | (206) 346-3268

*No ability to leap tall buildings actually comes from completing LUTC curriculum. :-)