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The impending Department of Labor fiduciary rule, which seeks to expand the definition of “fiduciary” under the Employee Retirement Income Security Act, is certainly on the minds of credit union managers.

The rule, which is currently set for implementation on June 9, will significantly impact financial institutions that utilize investment advisors to sell investment and insurance products. Many of these institutions have, or are contemplating, making changes to the ways that these products are sold, including altering the way commissions are paid and requiring the use of planning software prior to recommending a product.

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