By Bill Kauffman, Vice President, Financial Solutions
April 5, 2017
It’s Annuity business as usual! The Department of Labor has announced a 60-day extension of the implementation of the fiduciary rule. Advisors will be treated as fiduciaries beginning on June 9, 2017 rather than April 10, 2017 as originally scheduled.
While the Department of Labor continues with its review, SMS will continue to move forward. We have already acknowledged that we are prepared to assume the role of a Financial Institution when it becomes necessary. More importantly it has given us the opportunity to review a number of tools to help you, the trusted advisor, with the sales process and experience. Soon you will see SMS offer tools that can help you not only gather information more efficiently, but allow you to offer a more comprehensive look at the product and benefit options available to you and your prospects. This will allow you to not only meet the future requirements of the DOL, but will enhance the value that you the trusted advisor can offer your prospects and clients.
We will continue to keep you up to date with any changes in regulations and legislative actions. On that note, the timing of our sixth annual Sales Forum could not be better. During our program June 12-15, 2017, expect to see and hear a lot more on the status of our industry and the tools and products we will use this year and going forward.