1-877-475-2010
Call Joe in Florida
25400 U.S. 19 N, Suite 221
Clearwater, FL 33763
25400 U.S. 19 N, Suite 221
Clearwater, FL 33763
1-877-475-2010
1-877-512-9287
If you’re a life agent helping your clients secure their retirement plans with annuities or life insurance, I suggest you start paying attention to what’s going on in Iowa… and I’m not talking about the 2016 presidential election.
I’m referring to Iowa Insurance Bulletin 11-4. The National Association for Fixed Annuities (NAFA) hosted an informational webinar last week on the topic of source of funds. Panelists for the webinar included John Olsen of Olsen Financial, Pam Heinrich of NAFA, and Callie Currin of Currin Compliance. For me, attending was time well spent as I walked away with several practical tips and recommendations regarding what I should and should not do when advising clients who are considering liquidating a security to purchase an annuity or life insurance policy.
I won’t get into all of the details, as I strongly encourage you to download the document yourself to keep for reference. However, there were a few recommendations for insurance-only individuals that caught my attention. I’ll share a few of them here.
The Iowa bulletin is important because it’s one of the only comprehensive documents available today that really gives agents and advisors specific guidelines to help avoid potential sticky situations as to the fine line between providing insurance advice and providing securities advice. According to the bulletin, topics that insurance-only individuals are permitted to discuss include:
Topics insurance-only individuals are not permitted to discuss include:
Notice how many times the word “specific” is used in the NOT permitted group? The bulletin contains much more than I have mentioned here, including dos and don’ts for securities-only individuals. In addition, the webinar panelists added several of their own helpful recommendations including:
Finally, I have written in this space before about becoming dual-licensed. My opinion has not changed, and was reinforced by the panel. I believe wholeheartedly in the value of being dual-licensed. However, if you’re thinking of obtaining your securities license, do it for the right reasons. Do it because you truly want to extend those services to your clients, and you’re committed to it. Don’t do it because you think it’s going to be a “get out jail free card” for discussing specific securities when selling annuities or life insurance. You’ll likely just create bigger problems for yourself. If you have trouble downloading Iowa Insurance Bulletin 11-4 or would like to know more about the other topics discussed on the webinar, give me a call at 877-512-9287 or email me at [email protected]. I believe a recording of the webinar will be available to NAFA members soon, if it isn’t already.
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