It’s official, the DOL Fiduciary Rule IS Dead! We have been watching the rule twist in the wind since the Fifth Circuit vacated the rule in mid May, but today it was officially declared dead by mandate from that same court. While we all expect that there will be further news on the fiduciary front, this action signals an end to this DOL effort.
You should expect very shortly to hear from carriers as to how this may affect paperwork requirements etc…, but as this mandate overturns the rule, you should see an elimination of any and all of the additional paperwork required directly pursuant to compliance with this rule. Importantly, the 8424 paperwork that you have been collecting for your files should no longer be used as it commits you to a fiduciary responsibility that is no longer valid. Below is an article that you may find helpful: http://bit.ly/DOL-dead
Your team here at IAMS is available to answer any questions you may have on how this change may affect you, your business and your planning for the future. We will also keep you apprised of any carrier updates that may come as they begin to adjust to the ramifications of this reversal.