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BSMG Blog: Protecting the Future of Families and Businesses

The DOL's Strong Stance on Conflict of Interest

This blog post has been very popular so we wanted to share it again in case anyone missed it!

The DOL fiduciary rule is a big topic in our industry because it will affect financial advisor liability and compensation when advising clients on IRA’s. Like anything else the rule has its pro’s and cons. Our belief is that it will do more harm than good for the below reasons. There are several lawsuits in play already to stop, delay or change the rule.

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Top 5 Q&As about the Impact of the DOL Fiduciary Regulations on the Life Insurance Industry

Many financial professionals have one thing in common when it comes to the subject of the DOL Fiduciary Regulations: They have a lot of questions. In this post, I’ve highlighted the questions I hear most frequently, as well as the answers. 

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Carrier Insights into the DOL Fiduciary Ruling

Throughout the past year we have made it a point to keep you up to date on the Department of Labor (DOL) Fiduciary Ruling. We first began talking about this back in February when we weren't sure exactly what was going to happen. Then in April once the final ruling was here we began talking about how this was going to effect our industry and the products we all sell.

Since April, we've been sharing webinars and videos from industry experts on how they feel this ruling will effect the industry and our day to day activities. On August 4th we'll be sharing how the DOL Fiduciary Regulations may affect life insurance sales. During this webinar, you will learn:

  • Why the DOL felt it was necessary to include life sales in the Fiduciary Regulations
  • How the new fiduciary definition and exemptions apply to life insurance agents
  • How it will impact life sales and strategies
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[Video Blog] DOL Ruling Jeff Bush


In a continued effort to keep you informed on the recent DOL ruling, Brokers' Service Marketing Group brings you this expert presentation by The Washington Update's Jeff Bush

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The Post DOL World for Annuities

 

June is recognized as Annuity Awareness Month, and as such, it is the ideal time to start a conversation with your clients. However, how will the recent DOL rule effect these conversations and your sales process?

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[Video Blog] DOL Ruling Recorded Webinar

Brokers' Service Marketing Group brings you insight into the DOL Ruling in this expert webinar recording. 

A dynamic and insightful speaker and author, Jeff Bush is known for his unique ability to translate difficult and confusing tax and fiscal information coming out of Washington D.C. into winning growth strategies for business owners, executives and high-net-worth investors.  Jeff is a colleague of Andy Friedman and an integral part of The Washington Update, the industry’s NONPARTISAN experts on all things Washington.

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The Final DOL Ruling is Here- 3 Key Take Aways

Last week the DOL issued final regulations that expand the definition of "fiduciary" for IRA sales. This ruling brings to light 3 key questions that we have done our best to answer for you briefly here. If you are affiliated with a Broker Dealer, RIA, or Insurance Carrier, you need to know their interpretation of the rule, as it could affect selling procedures for Variable or Fixed Indexed IRA annuities.

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The DOL’s Revised Fiduciary Rule

The IRA Marketplace is huge, and getting bigger by the minute. And it now faces a resurgent threat. The DOL Revised Fiduciary Rule seeks to eliminate conflicts of interest in the rollover of qualified plan assets to IRA's. This would preclude the sale of commission-based products and particular, many registered annuity products, in their current form. Some feel that this ruling would add complexity and therefore, would increase costs for clients while further limiting the choices available for many smaller IRA holders. life for advisors and limit options for clients, while others feel that regulation is exactly what the industry needs. 
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DOL Issues Proposed Regulations Expanding the Definition of “Fiduciary”

What does it mean for advisors and consumers?

BSMG’s Russ Towers takes a look at the proposed changes in his latest article “DOL Issues Proposed Regulations that Expands the Definition of “Fiduciary” for Qualified Plan and IRA Purposes”.

The Department of Labor (DOL) recently proposed regulations seeking to expand the definition of “fiduciary.” This expanded definition would include advisors providing investment advice to qualified plan participants and IRA owners.  Insurance professionals falling under this definition generally would be prevented from receiving “conflicted interest compensation,” such as commissions, for providing investment advice.  Such commissions would be classified as self-dealing “prohibited transactions” UNLESS an exemption applied. The DOL has also proposed a new Prohibited Transaction Exemption involving a “Best Interest Contract Exemption” (BICE). 

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