I, like most believe that there is a great possibility of a delay. But I, like many, also believe that there will be some sort of a fiduciary/best interest requirement in the sale of qualified products. There are many reasons for this. But, most feel that operating with your clients best interest before ours is just the right thing to do. I agree, and I am sure that you have been operating this way already.
From a political perspective, I , and many of our elected officials, believe it would be hard to just throw this out as we would look uncaring. We all know that is not the case. The BICE makes winners of all attorneys. Lawsuits will fly and there really is not a rule book. But, even if the BICE is thrown out don't let your guard down because the press on this subject is everywhere and consumers are now looking for people that will act in their best interest. So, how do we stay prepared? Allow me to explain.
Wikipedia defines "Necessity is the mother of Invention" this way - an English-language proverb. It means, roughly, that the primary driving force for most new inventions is need. The Oxford dictionary defines it as - when the need for something becomes imperative, you are forced to find ways of getting or achieving.
So, what does this have to do with our business? When the DOL ruling came out, advisors, insurance companies and marketing groups looked for solutions that would protect consumers as well as the distribution channels in America.
The Ohlson Group is proud and excited to be part of AssessBest... a sales maker platform built to handle all DOL requirements. The unique thing about AssessBest is that it’s a platform developed for advisors by advisors. And, you don't have to change your business model, be captive or get a securities license. We, at the Ohlson group, term it... "Independence with Affiliation”.
This platform helps illuminate retirement income needs, life insurance needs, gaps in chronic illness and long term care needs and it is all done through an "assessment " process. The consumer states through the interview the most pressing problems keeping them up at night, places them in levels of priority and then await the recommendation you, the advisor, brings to the table. So, you see, this is a "sales maker" and not a "compliance deal killer." It brings memories of Capital Needs Analysis, Financial Needs Analysis and the other platforms that made agents and advisors s successful over the years.
This program will launch soon so keep your eyes open or call to get the copy of the webinar we did with Kim O'Brien MBA and CEO of AssessBest and Americans for Annuity Protections.
So, there we are… a need, a necessity, and we needed the invention. We have that with AssessBest regardless as to how the DOL winds blow. Quite frankly, when you see AssessBest, you will wonder why this wasn't developed for advisors years ago. I guess there wasn't a necessity.
Stay tuned, and until next time... good selling!