Explosive Fact: The Suitability Standard Doesn’t Govern Most Insurance Transactions!

Michael Burton, CFP®, LHICExplosive Facts, Fiduciary Standards, Insurance Regulation

Life Insurance Suitability Standard Explosive Fact Image

Lost in the din of the debate over the Department of Labor’s Fiduciary Rule is the reality that the life insurance industry is not even being held the suitability standard, yet. Don’t believe me?  Look what I found buried in the last pages of a mandatory Continuing Education course I’m presently taking: Traditionally, the legal requirement that a life insurance recommendation … Read More

Fiduciary vs. Suitability: A Standard of Care Comparison Table

Michael Burton, CFP®, LHICComparison Tables, Compensation, Fiduciary Standards

Fiduciary vs. Suitability

The life insurance industry is spending billions of dollars through a fierce political lobby to protect its sales force from being held to the highest standard of professional accountability: the fiduciary standard.  An obvious question is, why?  It’s a more involved question with more complex answers than I will explore in this post. The chief and most disturbing problem I observe … Read More