Milevsky: Big flaw in DOL fiduciary rule; annuities take early hit
September 13, 2016 by JANE WOLLMAN RUSOFF
Annuity guru Moshe Milevsky contends that, concerning annuities, the Department of Labor’s fiduciary rule’s overriding emphasis on fees is deeply flawed.
All in all, he says, the rule — which will see the first phase of implementation in April 2017 — cries out for the expertise of financial economists.
In an interview with ThinkAdvisor, Milevsky, finance professor at Toronto’s Schulich School of Business at York University and a leading annuities consultant to the financial services industry, discussed his views on the controversial rule, which holds advisors and insurance agents to a fiduciary standard for advice regarding retirement accounts.
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