The fact is, the future is bright and does not include a new license. It does, however, require you make smart choices

Department of Labor Secretary Acosta confirmed on Monday that the fiduciary rule will begin phasing in June 9, requiring a higher standard of care for advice given on qualified retirement investments. The full requirements will go into effect on Jan. 1, 2018, barring further regulatory or legislative changes.

What this means for you

Starting June 9, those who give advice on investments in retirement accounts will be held to the Impartial Conduct Standards, which has three requirements:

• Advice is in the best interest of the customer
• Compensation is reasonable
• Statements about investment transactions, compensation and conflicts of interest are not misleading

Between now and the end of the year, the current Prohibited Transaction Exemption (PTE) 84-24 can be used to sell all variable and fixed indexed annuities. While the full requirements of the Best Interest Contract Exemption (BICE) do not go into effect until Jan. 1, 2018, firms can decide between the two exemptions in the near-term.

At ISN we have the form you need to meet the PTE 84-24 Exemption. Most of the carriers we write with also have their own version of the form. Our version is generic and can be used if the carrier you are writing with does not have the form.

Between now and January 1, 2018, barring any regulatory changes, ISN will be working with our partners at IDA and with our other Synergy Partners to provide you the platform you need to be compliant with the new DOL rules. This includes new software for the point of sale, fiduciary back-up and BICE options that will be compliant with the new DOL Regs. Stay tuned for more information.