Monthly Archives January 2018

The DOL Fiduciary Rule – Prohibited Transaction Exemption 84-24 Still Required for Certain Transactions

Here is a brief update on some important aspects of the Department of Labor’s Fiduciary Rule – the implementation of which has been delayed until July 1, 2019 after being originally scheduled for January 1, 2018.    The Prohibited Transaction Exemption 84-24, or PTE 84-24 that has been used since June 9, 2017 remains in place, but only covers certain insurance contracts.[1] The types of products covered by PTE 84-24 cover fixed rate annuities and life insurance.   Agents should be using the PTE 84-24 disclosure form with transactions in which they receive a commission for sales or rollovers involving
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Categories: Blog Posts.

The New CFP® Code of Ethics and Standards of Conduct

  In 2015, the CFP (Certified Financial Planning) Board announced that it was updating its Standards of Professional Conduct effective January 1, 2019. The last standards changes were undertaken in mid-2008. “The draft proposal, titled Code of Ethics and Standards of Conduct, is a significant revision to the Standards with a range of important changes, including broadening the fiduciary standard for CFP® professionals—effectively requiring CFP® professionals to put a client’s interest first at all times. The revised proposal includes changes to some of the disclosure and other requirements in the initial proposal, in recognition of the need to be practical
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Categories: Blog Posts.