Advisors may be considering bowing out from serving small investors, thanks to the Department of Labor’s new fiduciary rule. In a study conducted by the LIMRA Secure Retirement Institute, when asked about the potential impact of the fiduciary rule the majority of advisors—55 percent—said that it will likely deter them from serving small investors; half say they will stop handling small rollover business.
“We are also concerned that the new DOL fiduciary rule may have a negative effect on advisors’ willingness to recommend guaranteed lifetime income products to their middle income clients,” Jafor Iqbal, assistant vice president, LIMRA Secure Retirement Institute, said in a press release about the results from the 2016 Advisor Survey on the organization's site.
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