IMO President: Here’s How We’ll Sell Under DOL
September 20, 2016 by Cyril Tuohy
Brokers International is all-in on a Department of Labor waiver to allow the marketer to continue selling popular fixed indexed annuities.
The Iowa-based marketing organization has requested the DOL grant it financial institution, or FI, status. The company partners with more than 20 insurance companies to distribute retirement and life insurance products through about 35 independent marketing organizations and 2,500 broker-dealers, registered investment advisors and insurance agents.
Under the new DOL fiduciary rule, only financial institutions can sign a best interest contract to allow a fixed indexed or variable annuity sale affecting retirement money. The rule grants FI status to four entities: banks, broker-dealers, registered investment advisors and insurance companies. IMOs and FMOs need to apply for a waiver, and at least seven companies have done so.
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