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April 4, 2016

Americas: Rule that Could Limit Incentives Prompts Industry Response

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A rule proposed by the Department of Labor would require all financial sales representatives advising clients on individual retirement investments to act as “fiduciaries,” meaning they would be required to put their clients’ interests ahead of their own in recommending financial products. This fiduciary responsibility therefore also requires disclosing any potential conflicts of interest, such as commissions or incentive contests. Rather than having these potential conflicts disclosed, some companies might decide instead to change their compensation structures, possibly eliminating commissions and incentive programs altogether. (See our previous article about the fiduciary rule, including why it's the DOL that proposed it.

Photo by Freeimages.com/Garrison Morran

FICP and SITE Respond

In response to the rule (the final version of which is expected to be released in April) two meetings industry organizations have issued a statement in support of companies’ use of motivational travel.

Read more at MeetingsNet

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