Clearwater, FL – AmeriLife® fully supports the Department of Labor’s decision to delay the applicability date of the Fiduciary Rule from April 10, 2017 to June 9, 2017, and to further delay all aspects of the Fiduciary Rule and related exemptions other than the Impartial Conduct Standards until January 1, 2018.
“We believe President Trump raised important issues in his February 3, 2017 directive to the Department of Labor,” said AmeriLife CEO Scott R. Perry. “We hope that the Department will take time to fully examine and address the detrimental economic impact of the Fiduciary Rule.”
Following June 9, 2017, all agents selling fixed annuities impacted by the Fiduciary Rule will act as fiduciaries of their clients and be subject to Impartial Conduct Standards. In the announcement, the Department summarized the Impartial Conduct Standards to be “providing advice in retirement investors’ ’best interest’; charging no more than reasonable compensation; and avoiding misleading statements.” Agents failing to meet these standards can be sued as a fiduciary by their clients.
AmeriLife has partnered with best-in-class FinTech SaaS providers to develop and customize a tool to meet the unique needs of our insurance focused agents, brokers and advisors. It’s called the AmeriLyzerSM, an online, financial needs and risk assessment tool designed to help agents make compliant sales that are in a client’s best interest. The tool documents the sales process in case of future questions or potential litigation.
“June 9th is nearly 60 days away,” Perry said. “If you are an agent selling fixed annuities impacted by the Fiduciary Rule, you need to be ready. Not only do you need to act in a client’s best interest, but also document why you, as a fiduciary, made the recommendations you made and why those recommendations were in the client’s best interest at the point of sale.”
AmeriLife is ready to provide our agents with the tools and resources they need to make compliant sales in a post-Fiduciary Rule world. Visit DOLSolutions.com for the latest news and sales tools you need to be successful in a DOL Fiduciary Rule world.
AmeriLife is a national leader in developing, marketing and distributing annuity, life and health insurance solutions to protect the health and retirement needs of Middle America. Leveraging a national distribution network of over 100,000 insurance agents and brokers via nearly 20 marketing organizations, and close to 30 insurance agency locations, AmeriLife, and its more than 75 insurance carrier partners, offers value and quality to the insurance industry and its customers.
For additional information about AmeriLife, contact Amie Hornbaker, Vice President of Corporate Affairs at 727-726-0726, firstname.lastname@example.org.