The recent delay of the DOL Fiduciary Rule to July 1, 2019 has been significant news in the financial industry! Speculation continues as to what changes will be permanently adopted and even whether the law will be repealed.
The one thing that is clear is agents may continue using Qualified Funds as a source of funding for Fixed Indexed Annuities and other insurance solutions! This is vitally important information for the insurance industry as clients will still be looking for financial solutions that offer their Qualified Assets safety yet growth potential.
The one thing you need as an agent is a trusted team that understands the correct application and paperwork to comply with the interim DOL rules. Your Team at IAMS is here to provide exactly that support so that you may focus on your job of helping clients while we support you with accurate paperwork!
Here are Best Practices we believe will continue to position your practice for success and ongoing DOL compliance:
- Documentation: documentation is one of the primary methods agents have to demonstrate they are acting in a client’s best interest. How the agent identified the client’s needs, the agent’s research into solutions, and the rationale behind the recommendation and implementation process should be noted.
- Annuity Rate Watch: is an annuity comparison and quote engine that we have available to agents who login through our website. Annuity Rate Watch is not designed to be compliance-focused software but, in light of the proposed DOL Fiduciary Rule changes, it has added functions where additional details about the client and the proposed annuity will be generated in a report that you may print and place inside the client’s folder. This level of documentation is unlikely to be sufficient by itself to be compliant with the proposed DOL changes but it is an efficient way to begin the documentation process.
- AssessBest: is a subscription service designed specifically to help agents stay compliant with the anticipated changes the DOL Fiduciary Rule will introduce. The software is designed to help agents carefully document details about their client, the recommendation being made and the program will ultimately store your notes in a secure, cloud-based system. IAMS has engaged AssessBest and paid the majority of the subscription fee for our agents.
There is no certainty yet as to what elements of the proposed DOL Fiduciary Rule will be adopted into law. But as the law currently stands, you should feel confident working with qualified dollars when partnering with a proven, professional IMO. Contact IAMS for any questions and trust us to support you as you grow your business and help your clients!
