DOL's Failure to be Precise

There are many aspects of the DOL's proposed Fiduciary Rule that I do not like. Chief among these is the virtual certainty that millions of Americans with low savings balances are likely to be disenfranchised from the professional financial guidance that would be so helpful to them. This is likely to be especially true among people from underserved communities. Another big problem with the DOL Fiduciary Rule is its lack of precision. For example, a key term mentioned in the rule is "reasonable compensation." Under the rule, insurance agents will be entitled to receive only reasonable compensation. Yet, the DOL fails to define reasonable compensation.

I conclude today's video with an example of what true precision looks like, people thrust into a life-or-death situation who are able to create a thing of absolute beauty due to their training and precision. #dol #financialadvisors #annuities #macchiaminute