Dear Agents: This is Your Life Under ‘Best Interest’

April 26, 2016 by Cyril Tuohy

Insurance and financial advisors will surely be relieved that “differential compensation,” or commission income, trail fees and incentives aren’t barred under the new fiduciary rule released by the Department of Labor earlier this month.

But such compensation, which once came with few if any strings attached, now come with tethered by rope and heavy-gauge chains for agents who continue selling products into retirement accounts under new Best Interest Contract (BIC) exemption.

So assuming agents are operating under BIC, here’s what they can expect and where they might want to ask more questions in workshops and seminars.

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Originally Posted at InsuranceNewsNet on April 25, 2016 by Cyril Tuohy.