For Broker/Dealers, a Massive Shift in Thinking
April 8, 2016 by Cyril Tuohy
Broker/dealers will find themselves challenged in the wake of the Department of Labor’s “conflict of interest” rule — although perhaps not so much for the reasons that have grabbed the headlines over the past 12 months.
The biggest change facing broker/dealers is that their registered representatives must start thinking more like financial planners. This is not easy when every time a registered rep stares in the mirror, they see a “producer,” or salesman.
“You have to think less as a broker and more like a planner,” and that means thinking more along the lines of a Certified Financial Planner or a Retirement Income Certified Professional, said Craig Lemoine, director of the Northwestern Mutual Granum Center for Financial Security at The American College. Click HERE to view the full article
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