In this podcast episode, Kevin Thompson RICp®, CFP® discusses the insurance industry's opposition to the Regulation Best Interest (RBI) rule established by the SEC. He explains that the Reg BI rule mandates broker-dealers to act in the best interest of their retail customers, enhancing transparency and accountability in financial advising.
Kevin critiques the insurance lobby's resistance, highlighting concerns about increased regulatory burdens, potential sales reductions, and conflicts with state regulations. He advocates for a standardized fiduciary approach to ensure consumer protection and emphasizes ongoing engagement and support for clients.
Discussion on Best Interest Contract (00:01:13)
Overview of Regulation Best Interest (00:02:00)
Key Components of Regulation Best Interest (00:03:09)
Insurance Lobby's Opposition (00:04:48)
Impact on Commission-Based Models (00:07:58)
Lack of Clarity in Regulation (00:09:10)
Fiduciary Standard vs. Suitability Standard (00:10:25)
Ongoing Client Engagement (00:11:16)
Future Conversations on the Topic (00:12:17)
Conclusion and Call to Action (00:13:08)
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Corrections: Editing by http://SwoleNerdProductions.com
