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If a professional trade association can impose a legal fiduciary requirement, why can't someone who sets up their own business licensing and other forms and self-imposes their fiduciary status with others?
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The term Fiduciary is a legal term. It is a regulated term by state and federal regulators. Calling yourself a Fiduciary, contract or no contract, does not make you a Fiduciary in the eyes of the law.
It might cause you to be held to a higher standard in a court of law if you happen to get sued. But it does not make you a LEGAL Fiduciary in the eyes of the US Government.
It is also illegal to imply that you have a state or federally regulated title when you do not....
If a professional trade association can impose a legal fiduciary requirement, why can't someone who sets up their own business licensing and other forms and self-imposes their fiduciary status with others?
So, let me see if I get this. You're saying that its okay for me to commit myself to a fiduciary engagement, but it's not okay for me to call myself a fiduciary? Or to use that word in my brand?
Is that what you're saying?
If you really think I'm twisting, I really want to know how you got there. That's a pretty serious allegation.
Twisting- The act of inducing or attempt to induce a policy owner to drop an existing life insurance policy and to take another policy that is substantially the same kind by using misrepresentations or incomplete comparisons of the advantages and disadvantages of the two policies.
False advertising- Misrepresenting any of the following:
Terms, benefits, conditions, or advantages of any insurance policy
Furthermore, if at any time if you should reconsider the fee-only arrangement and decide that you would like us to serve as your commissioned agent of record on a transaction, any commissions we receive will reduce your bill dollar-for-dollar up to 100% of your invoice. Or better yet, you can maintain the fee-only compensation arrangement and we’ll donate those commissions, or surplus commissions, to a mutually agreeable charity.
Last but certainly not least, agents operating under a suitability standard have no obligation to quote the entire market on your behalf. Thus, the range of companies quoted is frequently limited to the companies who A) pay the most commissions, B) provide the best spiffs, C) provide the sleakest technology to make it easy (for the agent) to sell their policies, or D) all of the above.
We distill all of your underwriting details into a succinct yet dense underwriting profile for the marketplace of insurance companies to consider and informally price before you submit any formal applications....we prepare and submit your Request For Informal Offer (RFIO) without any of your personally identifiable information.
Our unapologetic inclination towards term life insurance means that you needn’t worry about your clients being sold cash-value products that might impede contributions to (and/or siphon investments away from) your assets under your management. Furthermore, our comprehensive replacement analyses can help support the liquidation of poorly designed and inefficient cash value policies and annuities in your client’s holdings – held away assets that are cumbersome to monitor and drag down the efficiency of the financial plan you’ve worked hard to build.
That pdf is just an overview of the Fiduciary Duties that all Real Estate Agents have. It is not exclusive to Realtors, they are just informing their members of their duties to clients per the legal regulations.
6 Fiduciary Duties of a Real Estate Agent - dummies
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I am not a lawyer so I am not telling you anything. Do your own due diligence. But I do have years of experience dealing with ERISA law and their regulations surrounding what is and isnt an ERISA regulated Fiduciary, the rules pertaining to that term, and what that means for me and my clients.
But I can find a lawyer who will tell me the sky is green if I pay them enough. All that matters is case law or regulatory guidance when things blow up. What case law or regulatory guidance do you have supporting the title you are holding yourself out to be?
Your compensation arrangements are rebating, there are two examples below.
Nope. Two separate professional services, and his offer to reduce up to 100% of the fee is his professional prerogative.
By definition:
When you use these tables in front of a client with an existing policy. That is exactly what you are doing.
When you post backlinks to your site and articles on your site referencing this and receiving economic gain from it, you are engaging in false advertising.
Your compensation arrangements are rebating, there are two examples below.
Remember when you said this about non-fiduciary agents?
But wait, you compare and evaluate 100's of companies every time you run a quote?
Yet you also said you do this for each client. I personally thought that was a cool idea, but I contacted several carriers that said they won't be bothered with this. That pool of a hundred companies must be shrinking pretty quickly.
And finally
You pretend to be a fiduciary because your real clients are fiduciaries.
Do you give the clients they send you a nice big, bold disclosure with this statement on there for them to review and sign?