The Fiduciary Era For Life Insurance

$29.99 to non-members
Free to members
For groups of 30 or more, contact us

Based on UPIA, NYS DFS Reg 187, OCC, FINRA, and adjudicated lawsuits, this class tells fiduciaries how to fulfill fiduciary duties when advising clients on life insurance.

The fiduciary era for life insurance began on February 1st, 2020, when NYS DFS Reg 187, the Suitability and Best Interests in Life Insurance and Annuity Transactions," became effective. NYS Reg 187 requires producers and insurers to implement a process that ensures they’re acting in the consumer’s best interest when recommending an annuity or life insurance policy issued in New York. The regulation was constitutionally affirmed on October 20th, 2022, by the NYS Court of Appeals.  CFP Board implemented its fiduciary standard related to life insurance on June 1st, 2020.

The NYS Reg. 187 and the CFP fiduciary standard require “care, skill, prudence, diligence of a prudent person” while evaluating “cost, performance and risk.” The CFP standard applies in every state.

Attend this class to learn how to:

• limit liability exposure in fulfilling your fiduciary obligations
• demystify the black box of life insurance
• strengthen client relationships
• generate HNW/UHNW referrals
• use an independent life insurance analytics research system
• use Monte Carlo simulations on life insurance
• maximize benefits for beneficiaries when life insurance is no longer needed

You’ll learn:

• why the current standard of care — side by side policy comparisons — is now considered misleading.
• the information required for life insurance decision-support to meet the fiduciary’s duty to exercise care, skill, prudence, and diligence.
• to recognize when life insurance product recommendations are in your client’s best interest, as defined by NY Reg. 187 and generally accepted fiduciary principles, including the FPA Practice Standard.
• about a way  to compare life insurance illustrations to life insurance industry benchmarks, just as you compare investment performance to benchmarks such as the S&P 500 Index.

This class is for fiduciaries:

• frustrated by life insurance broker conflict of interest and lack of transparency.
• concerned that the “full story" is not available with the typical life insurance illustration analysis.
• disappointed that they can’t figure out which policy will lead to a better outcome for their clients
• uncomfortable working with insurance advisors who are not fiduciaries or who do not work under a clients best interestsframework

Steven S. Zeiger serves as a Managing Director at KB Financial and has been asked to educate members of STEP, NAEPC, PLI, NYC EPC, ACTEC, the ABA, the CFA Society, FI 360/Broadridge and dozens of other groups on the application of prudent investor guidelines to life insurance product selection and portfolio management.  These guidelines are based on established and proven asset management doctrine- benchmarking, analysis of cost, performance and risk, etc.. Steven helps fiduciaries guide their clients’ insurance decisions based on the only patented prudent process for life insurance selection and retention.

Who Should Attend: Financial Advisors, CPAs, Attorneys, Trustees, CFPs, EAs, CFAs, CPA/PFSs, CIMAs, CLUs and ChFCs.

Cost: There is no fee to attend this course if you are a member of Advisors4Advisors ($60/quarter).

CPE credit: 1 hour, in the Economics field of study

Prerequisites: None

Advanced Preparation: None

Course Level: Update

Course Delivery Method: Group Internet-Based

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Advisors4Advisors is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Advisors4Advisors is approved as a continuing education sponsor by IWI, which administers the CIMA® and CPWA® designations, and the CFP Board of Standards, which licenses the designation for CFP® professionals. 

This class is eligible for one hour of CE credit monthly toward the CIMA® and CPWA® certifications, CFP® CE and PACE credit toward the CLU® and ChFC® designations. CPAs can earn credit for attending the live class.