Fiduciary Rule?

[AnnuityGuy63]

I understand the idea of the fiduciary is ousting the clients needs 1st, which we should ve doing regardless although obviously there are people out there that don't. So here's my a question:

1. Is a stock broker or someone selling security based products....whether stocks, bonds, mutual funds, variable annuities, variable life insurance automatically a fiduciary or do they need to take a fiduciary exam?

Which leads me to my next question.

2. If someone is selling fixed products FIA, fixed, IUL, WHOLE LIFE, nonmarket risk products...hence no market risk to loss of principal, why is that person not also a fiduciary?

Or was the whole fiduciary thing brought on by securities legislation to me our job harder due to donations from the likes of Jamie Diamond, Fisher investments and such?

 

[scagnt83]

I understand the idea of the fiduciary is ousting the clients needs 1st, which we should ve doing regardless although obviously there are people out there that don't. So here's my a question:

1. Is a stock broker or someone selling security based products....whether stocks, bonds, mutual funds, variable annuities, variable life insurance automatically a fiduciary or do they need to take a fiduciary exam?

Which leads me to my next question.

2. If someone is selling fixed products FIA, fixed, IUL, WHOLE LIFE, nonmarket risk products...hence no market risk to loss of principal, why is that person not also a fiduciary?

Or was the whole fiduciary thing brought on by securities legislation to me our job harder due to donations from the likes of Jamie Diamond, Fisher investments and such?

Fiduciary status can come from both your Licensing or the product you are working with.

A Series 65 Licensed IAR is a Fiduciary in all situations, regardless of the product being advised on.

An insurance agent who is working with a persons IRA is now considered a Fiduciary. Which is why agents must get the new disclosure form signed.

An insurance agent who is working with a persons 401k has always technically been in a Fiduciary position to an extent, however, the recent regs made it set in stone and gave set guidance on disclosures (same form as IRAs).

None of this has anything to do with any B/D who competes against annuities. It is the government clarifying existing law and giving agents/advisors firm guidance surrounding it.