'“Many of the broker-dealers are still searching for a light switch in a dark room,” said James Lumberg of Envestnet, who, with Jeff Schwantz of Morningstar and Arjun Saxena of PwC, explained to asset managers in Boston how the DOL rule is impacting their distributors.

At the Money Management Institute Fall Solutions conference in Boston this week, one of the presentations focused on the right and wrong words to use when explaining the impact of the DOL fiduciary rule to existing clients.

The deferred income annuity, aka longevity insurance, is favored by academics and is mandatory in Germany and Singapore. Here's a compelling new way to explain its value to clients, courtesy of widely-known pension economists.