Advisors: Get Ready for DOL-Related Technology
April 21, 2016 by Cyril Tuohy
Agents and advisors can expect life insurance carriers to begin to tweak and adjust technology systems to comply with the Department of Labor’s new fiduciary rule by the end of the summer or early in the fall, a consultant said.
The DOL’s Conflict of Interest rule, which is designed to hold agents and advisors managing retirement money to a fiduciary standard of care, is likely to affect technology in two areas — illustrations and compliance — said Tom Benton, vice president of research and consulting at Novarica in Boston.
Carriers will also have to look carefully at how the rule affects agent compensation systems, distribution management and how their technology infrastructures process insurance product information, Benton also said.
But wholesale changes to commission compensation and distribution management are not expected, at least for the time being. Click HERE to view the full article
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