Annuities, Blog

Tune in February 20th and get to know AssessBEST

Tune in to our EXCLUSIVE webinar February 20th and learn just how easy, and important, DOL Fiduciary Rule Compliance is.

  • DATE: Tuesday, February 20, 2018
  • TIME: 11:00 AM CST
  • HOST: Kim O’Brien, CEO AssessBEST

    Welcome to AssessBEST.

    The essential element of AssessBEST is the Guaranteed Insurance Gap, or GIG™. Without the GIG™, we’re just another needs analysis asset allocation model. AssessBEST delivers a logical, irrefutable GIG™. Often, more than one.


    AssessBEST is YOUR solution. To supplement our software, we created AssessBEST Express disclosure form with advisor-friendly 84-24 disclosure.

    AssessBEST is your partner on your journey into Impartial Conduct compliance. The DOL Rule imposes Impartial Conduct Standards on sales of all financial products. Specifically, the Rule changes how fixed annuity sales are supervised when the source of funds is qualified money. Some carriers are implementing the same oversight for non-qualified funds. We can expect more to follow. How will this impact the advisor client relationship?

    Let’s be clear. True financial professionals, offering advice and recommendations to clients, have always adhered to this standard. On June 9th things changed. Now, you are liable for demonstrating compliance to the standard. Demonstration can be achieved with two simple steps.

    STEP 1
    1. Understand the client’s financial goals, needs, concerns and time horizon
    2. Evaluate the client’s risk tolerance to justify diversification and the need for an insurance solution
    3. Validate the final recommendation to purchase an annuity, life or LTC product

    STEP 2
    1. Document the process of client assessment and product solution analysis;
    2. Record the client’s agreement with assessment and the recommendation;
    3. Demonstrate compliance with Impartial Conduct Standards; including a compliant disclosure form; and,
    4. Retain all records in a cyber-secure system.

    Integrity, Objectivity, Loyalty, Knowledge, Expertise, Skill, Honesty, Truthfulness are all bedrock foundations in your relationship with clients. The DOL’s final Conflict of Interest Rule makes it abundantly clear that financial advisors and insurance agents must engage with clients using all the bedrock attributes. It’s called Impartial Conduct. On June 9, 2017, the Impartial Conduct Standard wedged itself into every advisor-client relationship.

    Let’s get started. CLICK HERE for some brief training videos. Davis Life & Annuity is your first line of defense. Call them today at 800-747-5612. The marketing and licensing team at Davis Life & Annuity are experts. All of us are here to help you help your clients.

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