We were told by President Jules at our State Convention this would happen; so this is what I recently read:
State Farm agents with licenses to sell securities will stop offering clients variable annuities, mutual funds and other financial products starting in April as the company works to respond to the Labor Department's fiduciary rule. Agents can continue to sell life insurance and fixed annuities.
I also see that California is forging ahead with a Plan to have a State Run Retirement Savings Plan run by the state not subject to ERISA Protections, and mandated that all small businesses be subject to it unless they already have a 401(k) in place.
Submitted By Al Zalewski, CLU, ChFC, LUTCF