October 6, 2016

Bruce Ashton Quoted in Investment News Regarding Annuities Under DOL Fiduciary Rule

Los Angeles partner Bruce Ashton was quoted in an Investment News article titled, "Selling annuities under the DOL fiduciary rule is a whole new ballgame." The DOL's fiduciary rule, which goes into effect in April 2017, will fundamentally change the way brokers select annuities for clients. Any adviser receiving compensation for an investment recommendation in retirement accounts will be considered a fiduciary, requiring advisers to determine if a specific annuity recommendation is in a customer's best interest. Bruce notes that this new standard is more than the normal analysis.

"[Those requirements are] over and above what is normally thought to be a suitability analysis, at least in the broker-dealer sense," Bruce said. "Is this a prudent choice for the client as opposed to an acceptable choice?"

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