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DOL fiduciary rule: When advisers actively seek to use BICE

June 16, 2017

DOL fiduciary rule: When advisers actively seek to use BICE

Many advisers are embracing an exemption they’ve frequently derided, even though a less-contentious one is available for annuity sales

June 14, 2017 | by Greg Iacurci | InvestmentNews.com

To opponents of the Department of Labor’s fiduciary rule, the best-interest contract exemption is something akin to the spawn of Satan.

This provision of the rule, which raised investment advice standards in retirement accounts, allows broker-dealers to continue providing investment advice deemed conflicted by the DOL, but under certain conditions.

It inspires such ire and consternation primarily due to the fact that it exposes broker-dealers to class-action lawsuits from investors. BICE also comes with several different disclosure requirements that stakeholders are none too fond of.

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Second Annual Blue Vault Broker Dealer Educational Summit 2016
Broker Dealer Educational Summit 2016
May 30, 2016

The time (at Blue Vault's 2nd Annual Broker Dealer Educational Summit) proved extremely informative.