Here’s the bottom line: we’ve been writing about the fiduciary rule in our DOL Report every week for the last 8 months. To tell you the truth, I am ready to get to work. The “paint isn’t even dry” on this new ruling, and I think there will be a number of new translations of the rule over the next few months.
Seriously, we have been putting everything out there for you to read. Yes, it will be different and there will be some casualties. This isn’t the first time this sort of thing happened. Some of you remember Section 79, Retired Lives Reserve, Single Premium Life before there was a Modified Endowment contract . What about the advent of Universal Life? Wasn’t that going to kill the business?
Some of these events were tough right out of the gate. Some, like the elimination of the career system by many companies, is now starting to really hurt our industry due to an aging field force. But, as they say “Behind every adversity lies an equal or greater opportunity.” I believe that our best days are ahead of us, and here’s why…
The Ohlson Group, and The Safe Money Places Agent Network, have been preparing for this for 8 months. Now, don’t get me wrong, we have been advocating (with some other great industry IMO’s ) against this ruling. We were the same people that did the “151A “ fight. But, I felt that the will of The White House, certain Senators and the “supporters of big government” were going to slam this through… and they did. So, while I am not ready to opine on the final outcome, we are ready with the tools, technology and support that our associates in the field will need.
But, let’s go back to my opening line (my attempt at rap), the rule is phased in starting in April 2017 and the last leg January 1st 2018. And, I am not going to bet against the chance of litigation that slows this down and maybe someone new on Pennsylvania Avenue that tosses it out. So, worrying will do you no good right now. Be assured that we have your back, and we will march to even greater success in the months to come.
More to follow and until next time… good selling!
Seriously, we have been putting everything out there for you to read. Yes, it will be different and there will be some casualties. This isn’t the first time this sort of thing happened. Some of you remember Section 79, Retired Lives Reserve, Single Premium Life before there was a Modified Endowment contract . What about the advent of Universal Life? Wasn’t that going to kill the business?
Some of these events were tough right out of the gate. Some, like the elimination of the career system by many companies, is now starting to really hurt our industry due to an aging field force. But, as they say “Behind every adversity lies an equal or greater opportunity.” I believe that our best days are ahead of us, and here’s why…
The Ohlson Group, and The Safe Money Places Agent Network, have been preparing for this for 8 months. Now, don’t get me wrong, we have been advocating (with some other great industry IMO’s ) against this ruling. We were the same people that did the “151A “ fight. But, I felt that the will of The White House, certain Senators and the “supporters of big government” were going to slam this through… and they did. So, while I am not ready to opine on the final outcome, we are ready with the tools, technology and support that our associates in the field will need.
But, let’s go back to my opening line (my attempt at rap), the rule is phased in starting in April 2017 and the last leg January 1st 2018. And, I am not going to bet against the chance of litigation that slows this down and maybe someone new on Pennsylvania Avenue that tosses it out. So, worrying will do you no good right now. Be assured that we have your back, and we will march to even greater success in the months to come.
More to follow and until next time… good selling!
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