DPL Financial Partners survey finds broad agreement among advisors that DOL Retirement Security Rule is needed

    LOUISVILLE, KY, October 25, 2024 /24-7PressRelease/ -- A new survey by DPL Financial Partners found broad agreement among financial advisors that those who sell insurance products while providing retirement planning services should be held to a fiduciary standard. DPL, the leading platform for commission-free annuities, polled over 230 fee-only advisors, hybrid RIAs and broker-dealer registered representatives about their opinions on the Department of Labor's Retirement Security Rule, which is currently in legal limbo.

When asked whether they agree that "a fiduciary standard for insurance brokers providing retirement investment recommendations is needed," the average response was an eight, indicating high agreement amongst the three advisor segments. Fee-only advisors had the strongest level of agreement at 8.7, while hybrid RIAs and broker-dealer representatives rated their agreement slightly lower at 6.8.

"It's remarkable to find such a strong consensus among all types of advisors that a fiduciary standard is needed when it comes to insurance products," said DPL Founder and CEO David Lau. "The fact that hybrid RIAs and even broker-dealer reps, who receive compensation in the form of commissions, would welcome such a standard speaks volumes about the need for the Labor Department's commonsense proposal."

Advisors had a similar response when asked to rate their agreement with the proposition that "It's an unfair advantage for insurance brokers to not have to comply with a fiduciary standard." The average response was eight, and fee-only advisors had the strongest level of agreement at 8.4. Hybrid RIAs and broker-dealer reps fell slightly lower on the scale at 6.8 and 7, respectively.

The DOL's proposal, which had been expected to go into effect last month, was stayed by a pair of rulings in federal courts in Texas. The Department has indicated it intends to appeal.

Despite strong agreement with the need for the rule, the advisors surveyed were far from certain it will survive. When asked, "What do you think the chances are of the Rule ultimately making it through the courts in substantially its current form?", 4.7 was the average response.

An executive summary of the survey results can be found here.

About DPL Financial Partners
DPL Financial Partners is the leading insurance marketplace bringing best-in-class solutions from the nation's top carriers to registered investment advisors (RIAs), their clients and consumers. DPL's products, proprietary tools and embedded technology enable RIAs to incorporate insurance and annuities into their practices to more holistically serve their clients. Clients benefit from products that offer competitive pricing and transparent, fiduciary implementation to meet a range of needs in the financial plan. www.dplfp.com

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