Response: The DOL ruling basically means three things to advisers and consumers in the financial services industry:
1. No misleading statements to clients
2. No more than reasonable compensation
3. Making sure the product selected is in the client's best interest
In other words... Do the right thing.
Having said all that and let's face it, rules have always meant to be bent, broken or in some cases completely disregarded and I'm sure that this is no different. However, from a consumer standpoint there are some safeguards, things you should expect when dealing with a financial professional, that should become the new standard based on what this regulatory package expects. Here is an example of my business process that I feel eliminates the risk of things going bad for both the client and myself.
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Carl Barnowski has 25 yrs. of experience as a retirement income expert specializing in principal protected annuities.