Sales Contests Likely Losers Under DOL Rule
May 25, 2021 by Steven A. Morelli
Navigating sales incentives will be among the toughest parts of abiding by the Department of Labor’s investment advice rule.
That is one of the tricky aspects identified by a panel discussing “Prohibited Transaction Exemption 2020-02: Registered Broker Dealer Compliance Considerations” presented by LIMRA, LOMA and SRI on Wednesday.
Panelist Fred Reish, an ERISA expert with Drinker Biddle, said sales contests will be particularly difficult for broker-dealers to sustain under the DOL’s prohibited transaction exemption 2020-02.