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The move is a big deal for RIAs, experts say, since TIAA was one of only a few insurers to offer fee-only life policies.
As some Democrats campaign to wipe the slate clean, financial planners focus on limiting the amount students borrow.
House likely to approve measure that effectively kills rule package, but it faces uphill battle in Senate
Financial pros argue that a transaction levy will hurt mom-and-pop investors along with investment houses.
GPB paid commissions of 9.3%, or $167 million altogether, on the firm's private placements.