Well, the first lawsuit is just around the corner. The Washington DC courts will begin hearing arguments on August 25th. There is a lot of clamor regarding what to do, where to go, what will happen etc. What is the answer ? Who knows. What is the advice? Don't make any hasty decisions, as no one knows the final outcome. I continue to feel optimistic. But, The Ohlson Group would be fool-hardy if we didn't make plans. And, we are going down multiple paths . These are all designed to keep out of harm's way, keep your business healthy both today and tomorrow. But, regardless of what happens with these 3 lawsuits... the "changes are coming." And, maybe they should. Here is what I see happening:
Products will get better and most FIA's over 10 years surrender will sunset. The consumer has access to information and will want to know what makes you qualified to handle qualified money. Designations will be key.
One answer could be the sale of "non-FIA" products in qualified markets under 84-24 as opposed to BICE. That significantly limits liability, and no contracts are signed. Many companies I have spoken with are ready to file those products.
The "Boutique" IMO will be the source of choice for independent channel producers. More hands on attention to needs and goals. Agents will begin to place more of their business with just one or two IMO's. We will start to see the re-introduction of the partnership philosophy... Independence with Affiliation.
Products will get better and most FIA's over 10 years surrender will sunset. The consumer has access to information and will want to know what makes you qualified to handle qualified money. Designations will be key.
One answer could be the sale of "non-FIA" products in qualified markets under 84-24 as opposed to BICE. That significantly limits liability, and no contracts are signed. Many companies I have spoken with are ready to file those products.
The "Boutique" IMO will be the source of choice for independent channel producers. More hands on attention to needs and goals. Agents will begin to place more of their business with just one or two IMO's. We will start to see the re-introduction of the partnership philosophy... Independence with Affiliation.
Okay, what makes me feel like this? This isn't my first rodeo. I have worked as agent, general agent, president of life insurance companies, president of broker-dealers, I was an RIA and had my Series 7. So, don't let fear take you in. Many of my competitors claim to have the answer. They don't ... yet. This has been an over-reach by the government where they developed a solution to a problem that did not exist. I am in contact with our Congress people, industry and association leaders and more. And why not?
We are all in this together. Most of you know that the succession plan at The Ohlson Group is with Nick Ohlson CLU, ChFC and Joe Ohlson LUTCF. Believe me, we have looked at this situation with eyes wide open to the future and we see great opportunity. We can also assist you in developing other lines of business as we should be prepared. Because, whatever happens, we will be under attack again…
Much of this, along with product and marketing solutions, will be highlighted at our Annual Convention Tuesday September 13,2016 in Carmel Indiana. If you haven't RSVP'd… you might want to do so now. Hey, as I am typing this I looked out my window and the sun is shining . Until next time... good selling.
We are all in this together. Most of you know that the succession plan at The Ohlson Group is with Nick Ohlson CLU, ChFC and Joe Ohlson LUTCF. Believe me, we have looked at this situation with eyes wide open to the future and we see great opportunity. We can also assist you in developing other lines of business as we should be prepared. Because, whatever happens, we will be under attack again…
Much of this, along with product and marketing solutions, will be highlighted at our Annual Convention Tuesday September 13,2016 in Carmel Indiana. If you haven't RSVP'd… you might want to do so now. Hey, as I am typing this I looked out my window and the sun is shining . Until next time... good selling.
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