Advisor FAQs

This compilation of frequently asked questions (FAQ) was developed by the Insured Retirement Institute (IRI) to provide general information for financial advisors about the U.S. Department of Labor’s recently adopted fiduciary rule. The FAQ is divided into several categories as shown below. Use the menu to navigate between sections.

Update: In February 2017, President Trump directed the Department of Labor to review the fiduciary rule to determine whether it may “adversely affect the ability of Americans to gain access to retirement information and financial advice.” This review may result in the rule being changed or rescinded.

In April 2017, the DOL adopted revisions to the fiduciary rule to delay applicability of certain elements of the rule while the DOL conducts the review ordered by President Trump. The expanded definition of fiduciary and the impartial conduct standards imposed under the BIC Exemption and Amended PTE 84-24 (including the best interest standard and the reasonable compensation requirement) became applicable on June 9, 2017. The other elements of the BIC Exemption (including the best interest contract, the ‘no incentives’ provision, and the disclosure and recordkeeping requirements) and the other changes to PTE 84-24 (including the removal of variable annuities and fixed indexed annuities from the scope of that exemption) are now scheduled to become applicable on January 1, 2018.

These FAQs will be updated if and when the DOL takes any additional actions based on its review of the rule.

Please note: These materials are provided for informational purposes only and not for the purpose of providing legal advice. Individual financial advisors should consult with their firm’s legal and compliance departments to obtain guidance and direction with respect to any particular issue or question. Use of and access to these materials does not create an attorney-client relationship between IRI and any user. The opinions expressed herein are the opinions of IRI and may not reflect the opinions of any particular IRI member company.
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A compilation of FAQs to provide advisors general information on the DOL Fiduciary Rule

Training Videos

Training Videos

Short, free videos covering various DOL Rule topics