- On February 27, 2017
- The Trump administration directed the regulator to review the DOL rule, extending the uncertainty of the full DOL impact to the financial services industry.
- While it is possible and even likely the DOL will be revised or watered down, many firms are embracing the spirit of the rule regardless.
- Most of the firms we work with are allowing choice for their advisors and will be offering a BIC exemption if DOL stays in place.
- DOL has also impacted recruiting deals. While some firms are full speed ahead with now fully guaranteed deals, others are stalling in making offers until there is more clarity.
- Wirehouse deals have come down substantially since October and they may be hesitant to go back to 300% plus deals, embracing the DOL FAQ guidance as a long awaited transition deal correction.
- There are still aggressive recruiting packages available and while the total bonus potential may have decreased the bright side is many of the deals we are seeing are now fully guaranteed.
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