Summary: After much anticipation, the Department of Labor’s Conflict of Interest rule was finalized on April 6, 2016. Over the next several months, the industry will digest the new requirements with an eye towards meeting the initial phased-in effective date of April 2017 and be fully compliant by January 1, 2018.
 It is possible, even likely, that each firm will implement different policies and procedures to comply with the new rules. Of particular significance will be if your firm will allow commission-based transactions using the Best Interest Contract Exemption (BICE), how the BICE will be executed and whether certain products will continue to be permitted within IRAs.”Matt Sommer, Vice President and Director of the Retirement Strategy Group, at Janus Capital. |
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