DOL Fiduciary Rule Impact on Independent Agents

[moretrax]

With all the articles on the topic of the DOL Fiduciary Rule, trying to understand the impact on how an independent agent conducts business is confusing. How will the agent selling mortgage protection, FE, med supps and/or MA plans be effected? Or will they? So here is the question for all the experts and gurus:

Do you believe the DOL Fiduciary Rule will have any impact on how you do business?

 

[axeman462]

With all the articles on the topic of the DOL Fiduciary Rule, trying to understand the impact on how an independent agent conducts business is confusing. How will the agent selling mortgage protection, FE, med supps and/or MA plans be effected? Or will they? So here is the question for all the experts and gurus:

Do you believe the DOL Fiduciary Rule will have any impact on how you do business?

From my understanding, it will currently only affect annuity sales.

However.

My understanding how government regulator think, I truly believe this is only the beginning attack on all commissioned sales people. If we do not remain vigilant in stopping over-regulation like this DOL rule, I truly believe at some point, (it doesn't matter what product you sell), you will hear cries from politicians and regulators saying stuff like "We must regulate the way commissioned sales people are paid, in order to ensure they keep the best interest of the customer in mind, when selling all products!"

 

[marindependent]

I would expect each state will mandate new trainings in this regards.

 

[GoPokes]

I think it will have the biggest impact on advisors working with qualified monies. The measure is in place to go beyond what is "suitable" for a client, and extending the description to "client's best interest."

So, like the axeman said, I think it will impact me in my indexed annuity sales. The other lines of business you mentioned wont be directly impacted by this new rule.

I have to take a bunch of CE before the end of this month, and one of the courses I took last week was a 2 hour course on this DOL ruling. You might check that out as a good reference.

It did say, that one of the predictions is that we will see commissions go down, and surrender fee schedules go down as well.