NAIFA Continues Work on Senior Protection as FINRA Files Financial Exploitation Rule

October 21, 2016

FINRA has filed its anticipated rule that should help brokers and advisors protect senior investors from financial fraud. NAIFA has provided input during the rule-making process, including submitting a comment letter on an initial draft of the provision. NAIFA is reviewing the current filing, which must be approved by the SEC before it goes into effect, but generally supported the earlier draft.   “Insurance and financial advisors are often the first to recognize the signs when a seni...

More Health Carriers Exit the Individual Health Insurance Market Leading to Fewer Choices for Consumers and Lower Commissions for Advisors

October 7, 2016

Some of the largest health insurers have decided to withdraw from selling individual market health insurance policies in a number of states to mitigate significant financial losses they have incurred while offering these plans. Most recently, Blue Cross Blue Shield of Nebraska announced it would not sell exchange plans in 2017 . This has left consumers with limited health insurance options and resulted in many policyholders having to obtain other coverage as a result of discontinued plans. ...

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NAIFA Legislative Forum

October 5, 2016

NAIFA held its annual Legislative Forum at this year's Performance + Purpose conference. The NAIFA government relations staff and consultants provided insight and analysis on issues facing NAIFA members and their clients. Following is a transcript of the Forum with embedded videos containing additional commentary. ( To download these videos, click here. ) Diane Boyle, NAIFA Senior Vice President of Government Relations: One of the many benefits NAIFA provides is protecting your busin...

Fidelity Investments Survey Finds DOL Rule Will Force Advisors Out of the Business

September 28, 2016

A new survey by Fidelity Investments has found that 10 percent of financial advisors are planning to “leave or retire from the field earlier than expected” because of the Department of Labor’s fiduciary rule and 18 percent are reconsidering their career choice. These results dovetail with a recent NAIFA survey of members working in the retirement space, which found that more than 15 percent will no longer provide retirement plan products or services because of the rule.   Only 24 pe...

With DOL Fiduciary Compliance Costs Mounting, Consumers Are Likely to Lose Out

September 23, 2016

Much remains unknown about how the Department of Labor’s fiduciary rule will impact the retirement planning market, but one thing seems clear: it will be costly.   The DOL, itself, estimated the cost to comply with the rule will be between $10 billion and $31.5 billion over ten years, with the most likely figure being $16.1 billion. The department expects $5 billion in first-year costs and $1.5 billion in annual costs after that.   Two companies have released figures on compliance...