Oxford Economics study: DOL fiduciary rule price tag is $2.7B in year one
January 23, 2024 by John Hilton
A study commissioned by the Financial Services Institute finds that the Department of Labor fiduciary rule proposal would cost firms $2.7 billion in the first year.
FSI opposes the fiduciary rule and hired Oxford Economics to do the study. The cost of the rule would be 11 times the department’s estimate of ongoing costs, the study concluded. The rule will continue to cost $2.5 billion each subsequent year, the study says.
Click HERE to read the full story via INN
Wink’s Moore on the Market: I am sorry that you got bad information, Council for Economic Advisors.
Total indexed annuity assets are nearly DOUBLE what you were told, according to this article.
Total indexed annuity sales since inception are $969,713,153,034 and the account values of these indexed annuities’ sales are substantially greater.
I’m not trying to throw shade on Cerulli Associates, but the data cited is bad data. My company has tracked indexed annuity sales longer than any other firm, and we have a greater level of participation than any other market research firm.
Maybe the Financial Services Institute (FSI) can get the word out to the Council, since they don’t seem to have a page on LinkedIn?
Heck- maybe Oxford Economics can update their study with this information.
My concern is that the economic impact of the U.S. Department of Labor‘s fiduciary rule is substantially greater than this research surmises.
My thanks to John Hilton at InsuranceNewsNet for this content.