Unanswered Reg BI Questions As Agents Prepare

February 19, 2020 by Elizabeth Festa

Insurance agents and brokers are carefully preparing for Regulation Best Interest with training, risk assessments for conflicts of interest — and also with detailed questions to help fine-tune the process.

Industry experts expect that with the increase in documentation, firms will have to do a better job of keeping notes and documenting the recommendation process, as more pieces of paper are presented to clients.

In this new environment, the most impacted will be those who weren’t already acting in their client’s best interests, although the vast majority do, according to Jason Berkowitz, chief legal and regulatory affairs officer for the Insured Retirement Institute.

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Originally Posted at InsuranceNewsNet on February 17, 2020 by Elizabeth Festa.