Voya: Independent Agents To Suffer Under DOL Rule
May 6, 2016 by Cyril Tuohy
Independent insurance agents and advisors not affiliated with a financial institution can expect to be “disenfranchised,” by the Department of Labor’s new fiduciary rule, a top executive with Voya Financial said Wednesday.
Agents, however, could find some relief if regulators amend the rule, which was issued in its final form last month.
One of the challenges of the Best Interest Contract Exemption is defining what qualifies as a financial institution. This is because selling agents need to be affiliated with a bank, a broker/dealer, an insurance company or a registered advisor in order to take advantage of the exemption, Alain Karaoglan, Voya Financial’s chief operating officer and CEO of the Retirement and Investment Solutions unit, said in a first-quarter earnings call with analysts. Click HERE to view the full story. INN news articles may require a subscription to view
