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Dear Agents: This is Your Life Under ‘Best Interest’

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Insurance and financial advisors will surely be relieved that “differential compensation,” or commission income, trail fees and incentives aren’t barred under the new fiduciary rule released by the Department of Labor earlier this month.

But such compensation, which once came with few if any strings attached, now come with tethered by rope and heavy-gauge chains for agents who continue selling products into retirement accounts under new Best Interest Contract (BIC) exemption.