Feb 16, 2024
Summary
In this episode, Paul Tyler and his guests discuss the Department of Labor's new rules and their implications for insurance agents. They explore the impact on independent agents and the potential migration towards the RIA industry. The conversation also touches on public policy considerations and the need for proper regulation. Michelle Richter-Gordon shares her insights and highlights the importance of understanding the new rules and their potential risks. The episode concludes with a discussion on advocacy and the resources available to navigate these changes.
Takeaways
- The Department of Labor's new rules will have a significant impact on insurance agents, particularly independent agents.
- There is a need for proper regulation that takes into account the unique characteristics of insurance products and the role of insurance agents.
- The new rules may lead to a migration towards the RIA industry as agents seek to operate under an investment advising regime.
- It is important for agents to understand the new rules and their potential risks, and how to help address these potential risks.
Chapters
00:00 Introduction
00:41 Introducing Michelle Richter Gordon
03:02 The Department of Labor's New Rules
05:06 Implications for Insurance Agents
07:58 Public Policy Considerations
10:05 Long-Term Impact on the Industry
13:36 Potential Impact on Unqualified Funds
15:33 The Definition of Investment Advisor
18:12 Democratization of Retirement Planning
19:52 The Purpose of Annuities
20:10 Michelle's Work and Future Plans
30:38 Advocacy and Seeking Help
33:08 Final Thoughts
Show Notes:
ARC Presents Critical Information for Annuity Fiduciaries recording: https://youtu.be/GClEFX6ITmM
Q&A registration, for 2/14/24 at 3pm Eastern, for anyone who has questions about the provocative content in the recording above, here: https://us06web.zoom.us/webinar/register/WN_bSSHbCriTgW1M_bO07oQhg
NAFA Webinars: https://nafa.com/education/webinars/
Axonic Insurance Solutions launch press release: https://www.businesswire.com/news/home/20240116916187/en/Axonic-Capital-Unveils-Innovative-Insurance-Offering
Michelle's Letter to DOL: https://sway.cloud.microsoft/tG6EodjgoGhkRGxJ?ref=Link