Exigencies May Soon Preoccupy Life Insurers as They Prepare...
David Macchia
Visionary entrepreneur, retirement income industry innovator, consultant to life insurers, and creator of financial technologies and products that attracted more than $150 billion in investment assets.
to operate in a post-DOL marketplace. Exigencies are urgent responses required by a given situation. If the DOL's fiduciary Rule ends up with a relativity short adjustment period prior to enforcement, exigencies are going to be priority number one.
My sense is that most insurers are not yet prepared to operate in a post-DOL marketplace. This is likely due to their waiting to learn what the final Rule requires. If you are an executive of a life insurer that would like assistance with developing your exigencies for DOL, please reach out to me at [email protected]. I have a unique and uniquely valuable solution for this great (and regrettable) challenge. #macchiaminute #dol #fiduciary #annuity #insuranceagen
Donald Moine, Ph.D., Organizational Psychologist. Rapid Growth Strategies for Financial Advisors, Insurance Agents and Company Founders. Expert Witness. Executive Coach. International Consultant. Speaker. Author.
10 个月One more comment on this. I just got off a phone call with someone who sold his insurance agency to a very large insurance company. When the DOL's fiduciary rule is adopted, major insurance companies will be looking for a very specific type of insurance agencies to acquire. Most insurance agencies, even larger ones, will become much less attractive. A very specific and somewhat rare type of insurance agency will become much more desirable as an acquisition target. That is all I can say for right now but I hope to be sharing some more details after the adoption of the DOL fiduciary framework. Dr. Donald Moine
Donald Moine, Ph.D., Organizational Psychologist. Rapid Growth Strategies for Financial Advisors, Insurance Agents and Company Founders. Expert Witness. Executive Coach. International Consultant. Speaker. Author.
10 个月David Macchia If the DOL's fiduciary framework is adopted, a large number of struggling insurance agents will leave the business. Since the need for life insurance and annuities will continue to exist, this will mean more business for the remaining agents who adjust to the new regulations and who know how to market. It is not all bad news. One of the smartest strategies that insurance companies, IMOs and FMOs could employ is to recruit Series 65 licensed representatives and educate them on the unique benefits that only life insurance and annuities can offer. The way to thrive in this brave new world is to both teach insurance agents to act as fiduciaries and is to recruit Series 65 representatives and show them how to help their clients with insurance and annuity solutions. Dr. Donald Moine Fiduciary Sales Strategies