Curated News
By: NewsRamp Editorial Staff
October 25, 2024

Survey Finds Strong Consensus Among Financial Advisors on Fiduciary Standard for Insurance Products

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Source News Release

TLDR

  • Advisors agree a fiduciary standard for insurance brokers is needed, giving clients more trustworthy options.
  • The survey by DPL Financial Partners found strong agreement among different advisor segments on the need for a fiduciary standard.
  • Implementing a fiduciary standard for insurance brokers can lead to more transparent and trustworthy financial planning services for clients.
  • The survey reveals a strong consensus among financial advisors that a fiduciary standard for insurance products is needed for client protection.

Impact - Why it Matters

This news matters because it highlights the need for a fiduciary standard when it comes to insurance products, as indicated by the broad agreement among various types of financial advisors. The survey results also shed light on the challenges facing the Department of Labor's Retirement Security Rule, which has significant implications for the regulation of insurance brokers providing retirement investment recommendations.

Summary

A new survey by DPL Financial Partners found broad agreement among financial advisors that those who sell insurance products while providing retirement planning services should be held to a fiduciary standard. DPL, the leading platform for commission-free annuities, polled over 230 fee-only advisors, hybrid RIAs and broker-dealer registered representatives about their opinions on the Department of Labor's Retirement Security Rule, which is currently in legal limbo. The survey revealed a strong consensus among all types of advisors that a fiduciary standard is needed when it comes to insurance products, despite the legal challenges the rule is facing.

Source Statement

This curated news summary relied on this press release disributed by 24-7 Press Release. Read the source press release here, Survey Finds Strong Consensus Among Financial Advisors on Fiduciary Standard for Insurance Products

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