DOL Fiduciary News: August 9, 2016

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American Equity Committed to FIA Market

InsuranceNewsNet; August 8,2016

The CEO of American Equity Investment Life Holding moved Thursday to reassure distributors and investors that the company has no plans to abandon the fixed indexed annuity business, which is on track to close $60 billion in sales this year.

Executives with the Iowa-based company earlier this year raised doubts about whether the company, the No. 2 seller of FIAs last year, could adequately supervise independent agents under new rules issued by the Department of Labor.

The rule raises investment advice standards for funds flowing in and out of retirement accounts.(http://insurancenewsnet.com)

Morningstar launching 401(k) service for broker-dealers worried about DOL fiduciary risk

InvestmentNews; Aug 8, 2016 @ 3:39 pm

Morningstar Inc., the mutual fund research and ratings shop, is planning to launch a 401(k) service early next year for broker-dealers looking to minimize risk created by a Labor Department fiduciary regulation.

Many industry watchers have argued the DOL rule, which makes a fiduciary of anyone providing investment advice in retirement accounts, could push some advisers — especially those who are not retirement specialists — to abandon clients in order to mitigate liability.
(http://www.investmentnews.com)

Custodians help advisers navigate DOL fiduciary rule

InvestmentNews; Aug 7, 2016 @ 8:00 am