NAIFA's Carsrud Lends Expertise on DOL Fiduciary Rule to InsuranceNewsNet Webinar

NAIFA Director of Government Relations Judi Carsrud provided expert analysis in the InsuranceNewsNet webcast, “DOL: The Eve of Disruption.”  She, along with Joshua J. Waldbeser, associate with the law firm Drinker Biddle, spoke about the ways that the Department of Labor’s fiduciary rule will impact advisors and their clients when it becomes applicable this Friday, June 9.
 
Carsrud and Waldbeser answer such questions as:
  • What happens Friday?
  • What does being a fiduciary mean?
  • How does life change for a seller of annuities after Friday?
  • What is the “Impartial Conduct Standard”?
  • How will DOL and the IRS enforce the rule?
  • Will the rule increase advisors’ exposure to litigation?
  • Can lawsuits still derail the rule?
Carsud also provided NAIFA’s checklist of things that advisors should have in place by Friday.
  • Pay attention to what your broker-dealer or financial institution is telling you.
  • Know which clients and what kinds of sales and marketing are impacted by the rule.
  • Understand what dosclosures and communications have to happen with your clients and when.
  • Be clear about your compensation with clients, and ensure they understand their choices.
  • Keep clear records documenting why your recommendations are made.
  • Educate your staff - they need to know what you know and under what circumstances all of the proposed regulations will apply.
She also noted that NAIFA is poised to work with new and career staff members at DOL and also with Congress to make the rule more workable for advisors and less disruptive for investors.

In the end, she said, the rule can be much simpler and still protect invesors. "I don't see how we stay with a 1,000-page rule," she said.

 
  • Posted June 6, 2017 IN


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