US fiduciary rule means ‘severe disruption’ for insurance agents’ business models

Los Angeles partner Fred Reish wrote an article for Life Insurance International titled, “US fiduciary rule means ‘severe disruption’ for insurance agents’ business models.” Fred discusses what the DOL fiduciary rule means for insurance agents and advisers. He covers restructuring and BICE’s requirement that a fiduciary adviser or agent be supervised by a “financial institution,” what qualifying as a financial institution entails, and compensation under the new rule.

“The implementation of the standards and requirements of the rules will be tumultuous, in the sense that those organizations and the insurance agents will need to materially change their existing methods of doing business.”

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