To be clear, financial advisers who were licensed as brokers or insurance agents were only required to operate under a lenient suitability standard. Originally, only IARs called themselves “Financial Advisers.” However, over the course of many years, the industry jargon changed. The DOL's rule was meant to correct this problem by requiring that any time financial professionals are working with retirement investors, they must work in the best interest of the investor. The BICE is exactly what it sounds like: an exemption to the best interest of the client. With a strong push from industry lobbyists to get the rule thrown out in its totality, it remains to be seen whether the DOL rule will have a meaningful impact to protect investors.
Source: Forbes January 03, 2018 12:56 UTC