Webinar - "Source of Funds" Issue for Nov. 7th

[DHK]

https://ttech.infusionsoft.com/app/page/johnolsen

Stay out of Jail Card - "Source of Funds Issue" for Fixed Insurance Sales

WHO:​

for Financial Advisors, Insurance Agents and Producers selling Fixed Insurance products.​

WHAT:

This webinar will discuss the "Source of Funds" Issue in Fixed Insurance Sales

You will learn about:

1. Whether you can have a client purchase an annuity using funds that come from a "securities" investment
2. What "suitability" rules come into play?
3. What do various states have to say about this issue?
4. Do you have to become an RIA?​

GUEST PRESENTER: John L. Olsen, CLU, ChFC, AEP

John is principal of the Olsen Financial Group in Kirkwood Missouri. He has been in the financial industry since 1973 and is a respected speaker, writer, teacher, and consultant. In addition to serving his own clients, John provides case consulting services to attorneys, accountants, insurance agents, and financial advisors, and provides expert witness services in litigation involving annuities and life insurance. He is-co author (with Michael Kitces) of "The Advisor's Guide to Annuities" (National Underwriter Co., 3rd ed.), "Index Annuities: A Suitable Approach" (with Jack Marrion), and author of "Taxation and Suitability of Annuities" (index annuity book) and numerous articles.​

PANELIST: Timothy J. Turner, JD​

As founder of Torrid Technologies since 1993, Tim Turner has taught thousands of financial advisors and insurance agents how to use his strategies and system to dramatically improve their financial practice and their incomes.

Tim’s software systems have been used by millions of people on websites for Pacific Life, AXA, The Hartford, TIAA-CREF, Franklin-Templeton Funds, JANUS, The MONY Group, MassMutual, and Sun Life. His system is used by financial advisors and reps at major Broker/Dealers like LPL, National Planning Corp, NEXT Financial Group, OneAmerica, TransAmerica Securities, Park Avenue Securities, and Lincoln Financial Advisors.​

I have registered for this webinar for Thursday, November 7 since we've had a lot of discussion regarding "source of funds" issues. I'm curious to find out what their viewpoints are.

Just thought I'd share.

I have no affiliation with Torrid Technologies or Tim Turner.

 

[Larry Tew]

I signed up too. Thanks for the link. A couple of weeks ago I checked with the NCDOI as well as the securities division of the Secretary of State. No language in the code anywhere concerning source of funds.

 

[scagnt83]

I signed up too. This and the revised Fiduciary proposal from the DOL are the two big issues facing the annuity industry right now.

And it is not just the states you have to worry about. Carriers can impose their own restrictions. Im not sure if state laws in the carriers home state effects things or not... but it could.

 

[Larry Tew]

Just a quick side thought... I wonder if the guy who is securities licensed but not insurance / fixed licensed has to be careful when he tells a prospect to drop a life policy or fixed annuity to fund his mutual fund recommendation.

 

[Indy007]

Will this be recorded to watch at a later time? I've got appointments all day Thursday so won't be able to see the webinar. If not, please update this post on what they say.

 

[DHK]

I don't know if it'll be recorded. If I get a link for it, I will post it.

 

[Tahoe Ray]

Thanks for this...I just registered as well.

 

[DHK]

This was very informative, but inconclusive webinar on any specific direction a life-only producer can take to protect himself.

I did do a 'screen print' of the 12 points of suitability that must be addressed with any annuity sale... and highly recommended that it be documented with the client. I have uploaded them here so we can all benefit.

I think the best advice was to contact your annuity carriers for any specific compliance advice. If they won't help you, find another carrier until you get the help you need to defend your product recommendation.

However, unless you plan to truly embrace being an RIA, just doing it "in name only" in order to sell fixed insurance products was a bad idea... as we had discussed in this thread here:

http://www.insurance-forums.net/for...alling-yourself-financial-planner-t27412.html

 

[Larry Tew]

I actually feel better about it. I was the one who posted the comment about calling the DOI and SOS. Maybe the Iowa regs will become a model.

Obviously there's the potential for a bizarre "Neashamesque" situation, but it defies logic that an agent can be found guilty of violating a law that doesn't exist.

I'm satisfied that keeping the conversation general and discussing basic risk, returns, guarantees is a safe strategy for now. I had heard about the RIA case where every recommendation was fixed and the RIA was a CYA.

 

[bobson]

This was very informative, but inconclusive webinar on any specific direction a life-only producer can take to protect himself.

I did do a 'screen print' of the 12 points of suitability that must be addressed with any annuity sale... and highly recommended that it be documented with the client. I have uploaded them here so we can all benefit.

I think the best advice was to contact your annuity carriers for any specific compliance advice. If they won't help you, find another carrier until you get the help you need to defend your product recommendation.

However, unless you plan to truly embrace being an RIA, just doing it "in name only" in order to sell fixed insurance products was a bad idea... as we had discussed in this thread here:

http://www.insurance-forums.net/for...alling-yourself-financial-planner-t27412.html

I think carriers have a lot of input. Some will not allow a transfer from a security into a fixed product. I think that hurts the consumer but sure takes the potential for a regulator to ask questions out of the picture.