What Mike Bloomberg Is Saying About Insurance, for Agents
February 20, 2020 by Allison Bell
Michael Bloomberg — a former Republican who is now running for the Democratic presidential nomination — calls out agents, brokers and insurers several time in his new financial rules change policy proposal.
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3. He wants to change the standards governing the sale of insurance.
“Investment professionals who work on commissions — such as brokers and insurance agents — often steer less sophisticated customers into expensive financial products and away from better, cheaper alternatives,” according to Bloomberg’s financial rule change proposal. “The extra fees add up to billions of dollars a year, money that would otherwise go toward ensuring retirees’ financial security. The Labor Department issued a rule requiring such investment advisers to disclose conflicts and put clients’ interests first. The Trump administration has reversed the rule.”
If Bloomberg becomes president, he will work to “restore the Labor Department’s fiduciary duty rule, requiring brokers and insurance agents to put their clients’ interests first,” according to the proposal.
