CFP Board Spars With Annuities Industry Over Fiduciary Regulation

October 1, 2024 by Tracey Longo

Will commission-based registered representatives and insurance agents really begin to turn away middle-income consumers if the professionals are forced to live with a fiduciary standard that requires them to put customers’ best interest before their own?

Jason Berkowitz, a representative of the annuities industry, argued during a nationally broadcast Securities and Exchange Commission panel discussion last week that the answer is yes and that research shows that as many as 56% of professionals will stop working with Main Street investors entirely if a fiduciary standard is forced on them.

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Originally Posted at Financial Advisor on September 23, 2024 by Tracey Longo.