Eye on the future: Futurity First readies advisors for DOL rule
September 7, 2016 by Warren S. Hersch
As the Department of Labor phases in its new fiduciary rule, advisors operating in the retirement arena will be facing twin challenges to their practices: (1) a compression and overall reduction in commissions paid on product sales; and (2) an increase in DOL-related compliance costs. Keeping these changes to a manageable minimum may well depend on business partners — insurers, broker-dealers and independent marketing organizations — from whom they’ll be sourcing product.
One IMO that’s endeavoring to provide a seamless transition to a post-fiduciary regime is a Futurity First Financial Corp., one of six (out of more than 350) IMOs that have applied to become a financial institution with the DOL’s Office of Exemption Determinations. To learn more about preparations underway at the company to prepare for the phase-in, and what the internal changes will mean for its 4,000-plus advisors, LifeHealthPro interviewed Futurity First President and CEO Michael Kalen. The following are excerpts from this 3rd conversation in a series of Q&As with IMO executives and stakeholders on the DOL application process. Click HERE to view the full story. LifeHealthPro articles require free registration to view.
