If advisors can't offer clients a full complement of annuities and other lifetime-income products, the much-discussed retirement crisis will only get worse. That's the position the Insured Retirement Institute is taking with likely only a few months before the Department of Labor issues the final version of its fiduciary proposal covering advisors working with clients planning for retirement.

The IRI is asking the Labor Department for some key changes that would explicitly permit the commission-based advisory model and allow firms to promote the proprietary retirement products that they develop in-house.

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