6 IMOs Apply for ‘Financial Institution’ Status Under DOL Rule
August 9, 2016 by Cyril Tuohy
Six independent marketing organizations, or IMOs, have applied to the Department of Labor’s Office of Exemption Determinations to become a “financial institution.”
Earning the designation would clear the path for independent insurance agents to sell commission-based insurance and financial products under the Labor Department’s Best Interest Contract Exemption, or BICE.
A financial institution seal-of-approval from the DOL “puts us in a stronger position to attract a specific type of independent agent,” said Jason L. Smith, CEO and founder of Clarity 2 Prosperity, an IMO based outside Cleveland, which has applied.
Other IMOs applying to become financial institutions include Gradient Insurance Brokerage, Legacy Marketing Group, InForce Solutions, Financial Independence Group and Futurity First Financial, a DOL spokesman said. Click HERE to read more… INN news articles may require a subscription to view
