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Fiduciary rule may spur banks to sell more life insurance, say observers
Bank Investment Consultant; October 05 2016, 3:13pm EDT
What will breathe new life into comatose life insurance sales in the bank channel? The hotly debated and much reviled fiduciary rule, said program managers and bank wealth management executives at the Industry Leadership Forum held recently in Orlando.
Life insurance will become more attractive to sell in the post-fiduciary world because it is one of the few products not encumbered by the rule and therefore not subject to the best interest contract exemption.
Obliging consumers, more insurers rolling out fee-based products
LifeHealthPro.com; October 5, 2016
Among market watchers, speculation is rife that product manufacturers will restructure their compensation arrangements on insurance and annuity products to align with the U.S. Department of Labor's conflict-of-interest rule.
That would entail a phase-out of heaped and recurring commissions in favor of flat fee.
It turns out that most consumers like it that way.