We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (15,832)
  • Industry Conferences (3)
  • Industry Job Openings (9)
  • Negative Media (135)
  • Positive Media (73)
  • Sheryl's Articles (586)
  • Sheryl's Blogs (166)
  • Wink's Articles (222)
  • Wink's Blogs (208)
  • Wink's Press Releases (92)
  • Blog Archives

  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • Industry Leaders Question Reality Of Fiduciary Proposal

    March 31, 2015 by Cyril Tuohy, cyril.tuohy@innfeedback.com

    Legislative experts said Thursday that details surrounding the Department of Labor’s (DOL) fiduciary standard proposal for advisors handling retirement accounts are expected in the next few weeks. The industry is waiting to see how Congressional Democrats react to the proposal.

    Cathy Weatherford, president and CEO of the Insured Retirement Institute (IRI), which this week held its annual marketing summit on the banks of the Potomac River, asked the question on everyone’s mind: “What will it (the fiduciary standard proposal) look like?” she said.

    This much the industry knows for sure: the Obama administration – along with an “army” of support from labor, consumer groups, the AARP and Sen. Elizabeth Warren, D-Mass. – support the higher standard of accountability for advisors who work with retirement plans.

    On the other side, House and Senate Republicans aren’t fans of fiduciary standards. A fiduciary bar is unnecessary and would raise the costs of doing business for advisors selling insurance and investment products, opponents argue.

    The DOL, knowing the Republican majority holds the purse strings, has shrewdly rebranded the fiduciary standards debate as a conflict of interest issue, legal experts said in a regulatory panel discussion held at the Gaylord National Resort & Convention Center in National Harbor, Md.

    The Labor Department is well aware that the Republicans in power “can take funding away from it,” in forthcoming budget battles, Sean Cassidy, vice president of federal government affairs with Voya Financial, said during a regulatory panel discussion Thursday.

    Separate from the DOL proposal Securities and Exchange Commission (SEC) Chair Mary Jo White earlier this month came out in favor of uniform fiduciary standard of care for retail advisors and broker/dealers.

    Her position gives the five-member SEC a 3-2 majority in favor of a fiduciary standard for retail advisors, even if — legal experts and lobbyists noted — the SEC moves slowly and deliberately in all forms of rulemaking.

    Fiduciary standards may sound good in principle, but in the end, “you can’t regulate morality,” said financial advisor Carrie Turcotte, president and senior financial consultant with Crest Financial Strategies in Chattanooga, Tenn.

    How much can standards add that competent advisors aren’t already doing for their clients, she asked.

    She said fiduciary standards are “well intentioned,” but added: “I’m not sure the government is aware of how the industry works.”

    The industry lobbyists also said tougher regulatory signals coming from the two federal agencies have emboldened regulators at the state level and with the Financial Industry Regulatory Authority (FINRA). Last year, FINRA levied about $135 million in fines, more than double the $60 million slapped on representatives and advisors in 2013.

    “We see states taking much more aggressive action,” said James Shorris, executive vice president and general counsel of LPL financial. Shorris spends a lot of time traveling around the country talking to advisors in LPL’s offices.

    Turcotte, however, said that regulators need to get involved in regulation “for the right reasons.”

    Regulators who weed out unscrupulous sales tactics serve a valuable purpose, but regulators interested in financial gain at the expense of industry do not.

    With the industry gearing up to challenge regulators from everything from fiduciary standards to tax exemptions to disclosures, IRI Board Chairman Bruce Ferris said the organization had beefed up its advocacy efforts in the face of renewed regulatory vigor.

    Ferris, president of Prudential Annuities Distributors, said the IRI’s mission will be one of “thoughtful advocacy” and “active engagement” at the federal and state levels.

    He said better informed regulators, advisors and customers only serve to improve everyone connected to the industry.

    “The objective we seek is to move forward each and every day,” he said.

     

    Originally Posted at InsuranceNewsNet on March 27, 2015 by Cyril Tuohy, cyril.tuohy@innfeedback.com.

    Categories: Industry Articles
    currency