February Lightning Learning: Agency vs. fiduciary relationships

The Big “I” Virtual University is out with its February Lightning Learning lineup. February’s series, led by Dave Evans CFP, AIFA, RICP, former Big "I" senior vice president for Retirement and Benefits Solutions, is dedicated to agency vs. fiduciary relationships.

All sessions start at 11:30 a.m. EDT and are recorded, so you listen at your leisure if you can’t attend the live sessions. Register once and pay $9.99 for all three sessions.

Register for Lightning Learning

February 5—The Current Fiduciary Environment

There is much confusion about who is a fiduciary in a client relationship and what that standard entails. The Department of Labor's multi-year effort of establishing fiduciary standards in certain situations was vacated by the 5th Circuit Court. The issuance of the Circuit mandate has been replaced by the Securities and Exchange Commission (SEC) initiative as it relates to new conflict of interest regulations that could impact the retirement planning marketplace. Further, the Circuit Court's action does not change the fiduciary standard that retirement plan trustees and corporate boards still must satisfy for their own retirement plans. Independent agents that write D&O coverage should be aware of the current fiduciary environment. 

February 12—Current and "Best Interest" Standards for Annuities 

It was assumed that the fiduciary standard that the U.S. Department of Labor attempted was only relevant to plan advisers and registered reps. However, state insurance departments and the NAIC have been involved in an effort to establish a “Best Interest” standard for annuities, and in New York State, effective August 1, 2019, for both life and annuity sales. The webinar will discuss the difference between the current suitability standard and a “Best Interest” standard and the implications for agents and registered reps. 

February 26—Helping Clients Avoid "Longevity Risk"

The biggest purchase most people will make is the “cost” of their retirement. With increasing life expectancies, “ongevity risk”—i.e., the possibility of outliving one’s financial assets to provide a desired standard of living in retirement—is a broad concern to most Americans. This webinar will highlight the related considerations and present a way for agents to help their clients address this risk and generate revenues to the agency. Many independent agents cede this arena to local brokers because they have a misperception that it involves securities licensing. This is a strategic opportunity for agents to position their agency to be risk managers in this area for their clients.

Consider presenting conference style for the entire agency to benefit. Please send any questions to VU staff.