DOL Rule Could Force Broker Moves
November 30, 2016 By Dan Jamieson, Financial Advisor Many advisors who will be unable to sell commissioned investments in IRAs after the DOL rule goes into effect are being forced to shop for new homes. Firms and recruiters are seeing an uptick in the number of inquiries by reps looking for firms that will accommodate commission business. Some firms appear to be waiting to see if the rule survives, but that’s a big risk, observers said, because advisors can’t be stuck come April, when the rule is set to go into effect, with no way to do business. The best-interest contract exemption, or BICE, allows brokers to sell commissioned investments to IRA owners. “We have never had so many live recruits,” echoed Steve Distante, chief executive of Vanderbilt Securities based in Woodbury, N.Y., an independent...