IMOs Dance With DOL On Fiduciary Rule Deadline
October 25, 2016 by John Hilton
Futurity First Financial is proceeding as though it will be granted “financial institution” status by the Department of Labor, enabling it to do business under new fiduciary rules.
But time is running short for the independent marketing organization to make a seamless transition, said Futurity CEO Mike Kalen.
Futurity owns three IMOs and, with $2.5 billion in sales, is one of the biggest sellers of fixed and fixed indexed products. In many ways, the company is a test case of sorts on whether the industry can adapt to controversial new regulations and continue to thrive.
To do so, it needs the go-ahead from the DOL.
“We are feeling time pressured,” Kalen said. “If clarity comes out tomorrow, we will be fine. But as time continues to march on without clarity, the risk of us not being ready continues to rise.”
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