There’s a distinction in the benefits industry between fee-based and commission-based benefit advisers, and the DOL’s proposed fiduciary rule favors fee-based brokers and likely would push some commission-based brokers out of the retirement market altogether, says JuIi McNeely, president of the National Association of Insurance and Financial Advisors.

McNeely testified during yesterday’s DOL fiduciary hearings that the proposed rule would have less impact on fee-based advisers and may even bring them new business as commission-based brokers drop out of the market.

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