Advisor Today - July/August 2016 - (Page 10)

viewpoint By Kevin Mayeux, CAE Looking Out for Your Interests T he Department of Labor's final fiduciary rule, published with much fanfare by the Obama administration in April, creates new challenges for advisors who help clients plan and invest for retirement. NAIFA members have their clients' best interests at heart and always have, regardless of the regulatory regime they are under. But the DOL rule is complex and fills more than 1,000 pages. It brings numerous new requirements and restrictions. Help from NAIFA Fortunately, NAIFA is providing advisors with in-depth education programs and resources to help them understand the rule and how it will affect their businesses. For example, NAIFA is offering a four-hour workshop developed by industry-recognized expert Don Trone through state and local associations around the country. The program is the first in NAIFA's new Skill Builders practice-development training series. It provides practical information on how to comply with the rule, implement its requirements and identify new business opportunities the rule may present. This program, a "must-attend" workshop for all advisors who want to successfully run their businesses under this new and final rule, offers best practices and case studies to illustrate such things as: how and when the new Best Interest Contract Exemption applies, how the rule may affect the sale of annuities to retirement investors, what types of disclosures are required from advisors, as well as many, many other issues raised by the rule. Trone will present the workshop in person on September 17 at NAIFA's Performance + Purpose Conference in Las Vegas. NAIFA will also be offering this very timely training through 10 ADVISOR TODAY | July/August 2016 various state and local associations, starting this summer. Even though the rule presents advisors and their clients with new challenges, it is much better than it might have been without NAIFA's influence. Our advocacy, including the grassroots efforts of NAIFA members, had an immeasurable impact on the Administration and Congress, influencing the final rule so that it is substantially improved from earlier drafts. Despite NAIFA's influence, and the vast improvement in the regulation, the rule is far from perfect. While the DOL adopted many of NAIFA's suggested changes, and while the rule is better than originally proposed, it is also very complex. The rule may be final, but our work is not finished. NAIFA experts continue to analyze the document, and will watch for issues that may arise during its practical application. We will continue with our advocacy efforts to work on your behalf to blunt or eliminate problematic provisions. This includes using our influence with DOL to encourage the Department to issue guidance to help financial firms interpret the rule as favorably as possible for advisors and consumers, as well as our efforts with Congress and other branches of the government. Regulations are an unavoidable fact of life for insurance and financial advisors. But your professional association, with our advocacy and professional-development programs, is always here to help you succeed. While you are looking out for your clients' best interests, you may rest assured that NAIFA is looking out for yours. Kevin Mayeux, CAE, is CEO of NAIFA. Contact him at kmayeux@naifa.org. NAIFA OFFICERS President Jules O. Gaudreau, Jr., ChFC, CIC The Gaudreau Group, Inc. julesgaudreau2@gmail.com President-Elect Paul R. Dougherty, LUTCF, FSS, HIA State Farm Insurance Companies paul@doughertyagency.com Secretary Keith M. Gillies, CFP, CLU, ChFC Ameritas kmgillies@aol.com Treasurer Matthew S. Tassey, CLU, ChFC, LUTCF Burwell & Burwell mtassey@scribnerinsurance.com Immediate Past President Juli Y. McNeely, LUTCF, CFP, CLU McNeely Financial Services, Inc. juli@mcneelyfinancial.com CEO Kevin Mayeux, CAE Trustees David A. Beaty, CLU, ChFC dave@heartlandfinancial.net Michael O. Brown, LUTCF michaelbrown@financialguide.com Aprilyn Geissler ageissler@farmersagent.com Todd G. Grantham, CFP, CLU, ChFC, MSFS todd.grantham@nm.com Bryon A. Holz, CLU, ChFC, LUTCF, CASL bryon@bryonholz.com Brock T. Jolly, CFP, CLU, ChFC bjolly@financialguide.com Booker Joseph, CLU, ChFC, FLMI Booker joseph@uhc.com Thomas O. Michel tmichel@michelfinancial.com Van E. Mueller, LUTCF vmueller@wisconsin.nef.com Charles M. Olson, CLU, ChFC Charles@ociservices.com Cammie K. Scott, LUTCF, REBC, RHU cscott@ckharp.com James J. Van Ham, CFP, CLU, ChFC, LUTCF jimmyv@stgfin.com NAIFA SERVICE CORPORATION OFFICERS AND DIRECTORS President Kevin Mayeux, CAE Secretary Jules Gaudreau, Jr., CIC, ChFC The Gaudreau Group, Inc. Treasurer Matthew Tassey, CLU, ChFC, LUTCF Scribner & Scribner mtassey@scribnerinsurance.com Directors Brenda Doty, LUTCF, RHU, CLU, CPC The Doty Group, Inc. Susan Wier, CFP, ChFC, LUTCF First American Trust EDITORIAL ADVISORY COUNCIL Laurie A. Adams, CFP, CLU, LUTCF Country Insurance & Financial Services Brian Ashe, CLU Brian Ashe and Associates, Ltd. Frank Bearden, Ph.D., CLU, ChFC Frank C. Bearden, Ph.D., Consulting Kevin Faherty, LUTCF Faherty Insurance Services, Inc. Greg Gagne, ChFC, LUTCF Affinity Investment Group, LLC Lisa Horowitz, CLU, ChFC LifeCycles Michael Lynch MetLife John Marshall Lee, CLU, CFP, RHU People Insurance & Investments John Nichols, MSM, CLU Disability Resource Group Inc. Ike Trotter, CLU, CASL, ChFC Ike Trotter Agency, LLC

Table of Contents for the Digital Edition of Advisor Today - July/August 2016

From the Editor
Viewpoint
A Question of Ethics: Reflections on the Dol Fiduciary Rule
Getting the Wealthy Investor to Hire You
Positioning Whole Life for Success
Rewarding Clients for Engaging in Healthy Activities
Feel the Heat: Sizzling Strategies for Boosting Worksite Sales
The Challenges of Writing Business Insurance
A Lifetime of Success
Safeguarding Your Business Interests
NAIFA Presents Nominees for Election
NAIFA News
What’s Behind Brand Magic?
Making an Effective Call Back
A Story for All Your Clients
Ideas to Expand Your Practice
Advertiser Index
Back Page

Advisor Today - July/August 2016

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