Group: Define ‘Best Interest’ Before A Judge Does

April 19, 2016 by John Hilton

The financial services industry is best served defining the Department of Labor’s “best interest” standard for advisors before the courts do it, according to a financial planning expert.

“No one has defined ‘best interest,’” said John Gilliam, a former life insurance agent and current professor at Texas Tech University. “The Department of Labor rule uses the term but doesn’t specify what the terms mean.”

The Center for Financial Responsibility at Texas Tech has formed the Best Interest Initiative to define what the term really means. The DOL fiduciary rule issued last week requires financial advisers to act in the best interest of their clients.

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Originally Posted at InsuranceNewsNet on April 13, 2016 by John Hilton.