Questions About DOL Fiducuiary Ruke

[Cornelius]

And Life only agents. For those ready to pounce this is not a solicitation for LegalShield/Pre-Paid Legal. For those who are LegalShield members it's a good idea to give your provider law firm a call and ask any questions you may have about the new rule.

I'm pretty sure anyone who has taken any training as of yet understands as far
as compliance goes the buck stops with the agent. Anyone remember the Newsom
case in Calif.? Anything can happen.

If your captive, independent, sell V.A's, FIA's or whatever I'm sure you will find it a good conversation to have. I just asked how the rule could effect a life only agent? Now the securities people really should have a conversation with someone.

Just a suggestion so of course take it or leave it.

 

[DHK]

Um... no. How many threads have we had on the fiduciary rule? And how many have you commented/participated in? Kind of late to the discussion to try to even HINT that 'member firms' have a remote idea about the DOL fiduciary ruling.

If someone had questions about the fiduciary rule, here's your order of asking questions:
1) Your IMO, etc.
2) The companies you represent and want to represent in respect to qualified annuity sales, etc.
3) Fred Reish of Drinker Biddle & Reath LLP who has written 52 separate commentaries about various aspects of the fiduciary rule on LinkedIn as well as quoted in several industry publications. While not an official interpretation or legal advice, it certainly is well worth reading.
https://www.linkedin.com/in/fredreish/

In addition, it would certainly be in one's best interest to show additional knowledge and certification to be a better compliance risk and enhance your services.

- I would suggest designation studies from The American College (such as ChFC and/or RICP) or the College for Financial Planning to help you do a better job for clients AND become a better compliance risk.

- If you want help in how to do a good fact-find, The Insurance Pro Shop can help you do a better job in that area as well via their online video training in their members only site or advanced fact-finding DVD training.

 

[Cornelius]

DHK thanks for the response. Of course I will consider your recommendations.
#1 and 2 are covered but I just wanted to get an opinion and some more insight from an Attorney.

For those who are LS members it's just a phone conversation with an Attorney to ask any question you may have per your membership contract. I asked a question, he did some research and answered my questions such as any Attorney would do.

For those who are not members of course be informed per all available information such as the steps listed above.