DOL ALERT - OMB Approves Delay

Aug 30, 2017

Another day, another change in the DOL ruling! Here’s a quick recap of where we’re at.

What’s the latest update?
The Department of Labor requested a delay in the full BIC applicability date. The Office of Management and Budget (OMB) has approved the delay and two other exemptions to the proposed amendments.

What are the exemptions?

1. Extension of Transition Period and Delay of Applicability Dates From January 1, 2018, to July 1, 2019.

2. Best Interest Contract Exemption (PTE 2016-01); Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (PTE 2016-02).

3. Prohibited Transaction Exemption 84-24 for Certain Transactions Involving Insurance Agents and Brokers, Pension Consultants, Insurance Companies, and Investment Company Principal Underwriters (PTE 84-24).

What does this mean for you?
This means your practice has more time to acclimate to the DOL regulation changes. You’ll have until 2019 to get a fiduciary or IMO to sign off on your business. However, keep in mind that it doesn't hurt to follow the best practices starting today! By getting a head start, your practice will be exposed to the new changes and will have ample time to iron out the kinks before the changes goes into effect.

What do you do now?
Make sure that you’re aligned with a broker that can provide you with the most up-to-date information on the DOL ruling, resources to keep your practice compliant, AND point-of-sale tools that will keep your production on the upward trend regardless of the DOL outcome. Brokers Alliance can offer you all of this, and so much more. Skip the hurdles down the road and take advantage of the extra time to get your practice in order. If you would like to see your practice not only get by but reach new levels, then fill out this form. We’ll have one of our Brokers Alliance Relationship Managers give you a call and help you create a tailored game plan for moving forward with the DOL ruling. Want to know more? Give us a call at 480.296.0169

DOL Update- OMB Approves Delay.jpg

Tags: DOL
Category: Annuities

Category List

Tag List

Retirement Investment (4)
Clients (2)
Retirement Planning (23)
funeral (1)
Income (1)
leads (6)
illness (1)
Advice (1)
products (5)
Social Media (8)
Mobile App (1)
Sales (22)
Looking Forward, Giving Back (1)
Growth Opportunity (1)
Annuities (30)
advanced markets (1)
life 101 (2)
Market Exposure (1)
Investments (2)
march madness (1)
review (2)
Life Insurance Update Show (9)
Video On-Demand (1)
Executive Bonus Arrangement (1)
end of year (1)
Pitch (1)
non-med (3)
Financial Legacy (6)
business owners (3)
Long-Term Care Awareness Month (1)
Alternatives (5)
private pension funding (1)
premium deposit account (1)
hiring (6)
earning opportunities (1)
Generation Y (1)
Millennials (6)
resources (1)
Required Minimum Distribution (1)
permanent life insurance (1)
term (6)
Life Insurance Awareness Month (6)
business (1)
DOL (2)
Life Insurance Evaluation (8)
Retirement (10)
rates (1)
Best Rates (1)
Leaderboard (1)
Sales Concepts (12)
Breast Cancer Research (1)
presentations (1)
Media (2)
Charitable Giving (3)
Donation (1)
Life Insurance Trends (19)
Brokers (2)
Brokers Alliance (8)
case studies (2)
Baby Boomers (1)
Life Insurance (84)
Protection (1)
final expense (1)
Retirement Strategy (4)
Life Insurance Broker (15)
Income Planning Academy (1)
Healthy Living (1)
E-App (1)
networking (1)
Annuity Concepts (12)
underwriting (1)
business planning (5)
Annuity Update Show (11)
Brand Values (1)
IRA (1)
industry trends (1)
Beneficiary (1)
Long Term Care (3)
Alternative Investments (2)
Death Benefit (2)
social security (1)
RMD (1)
Universal Life Insurance (2)
consumer marketing (3)
Webinar (1)
FIA (1)
IUL (12)
Premium Finance (4)
Life Insurance Check Up (6)
2019 (1)
sales presentations (1)
Indexed Annuity (3)
Health Care (1)
estate planning (2)
injury (1)
PPC (2)
Prospecting (4)
Life Quotes (3)
Tax Benefits (2)
living benefits (6)
trends (1)
sales kit (1)
Financial Planning (20)
PIA (2)
selling (1)
key person (1)
Training Event (1)
Benefits (1)
Marketing (12)
Financial (4)
Deferred Fixed Annuities (1)
instant decision (1)
business solutions (3)
Legacy (1)
Variable Annuities (1)
training (2)
Fixed Annuities (8)
Roth (1)
Cash Value (1)
Immediate Fixed Annuities (1)
Gift (1)
Insurance (21)
gul (2)
Content Building (2)
Social Optimization (3)
Waste Management Open (1)
Brokers Alliance Open (1)
MYGA (10)
advanced planning (2)
Facebook (2)
Life Insurance Brokers (6)
Charity (2)
Production (1)
Breast Cancer Awareness Month (4)
Legacy Planning (1)
Star Wars (1)
Interest Rates (1)
Additional Earning (1)
Tips (3)
term life (8)
Gender Gap (1)

Tag Cloud

Training EventnetworkingRetirement InvestmentIRAIndexed AnnuityContent Buildingbusiness solutionsAdviceRetirementBeneficiaryClientsnon-medPremium FinanceDonationLife Insurance BrokerUniversal Life Insurancekey personCash Valueliving benefitsBrokers AlliancePIAindustry trendssocial securityLife Insurance BrokersRetirement StrategyWaste Management OpenGrowth Opportunitybusiness planningE-Appinstant decisionRetirement PlanningAnnuity Conceptsadvanced marketsLife Insurance Update ShowBrokersLife Insurance Awareness MonthLife Insurance Check UpFinancial LegacySocial Optimizationprivate pension fundingterm lifeMediaInterest RatesLife Insurance Trendsresourcespermanent life insuranceBenefitsMarketingLegacytrendsVariable Annuitieslife 101sales presentationsSales Conceptsfinal expenseBrand ValuesMYGABest RatesLife InsuranceCharitable Givingearning opportunitiesExecutive Bonus ArrangementRMDLong-Term Care Awareness Monthconsumer marketing2019Additional EarningDOLFixed Annuitiesestate planningDeferred Fixed AnnuitiesLife Insurance EvaluationRothLeaderboardsellingFacebookAlternativespresentationsBrokers Alliance OpenInvestmentsHealthy LivinghiringLegacy Planningratesmarch madnessPitchproductsProspectingFIABreast Cancer Awareness MonthBaby BoomersInsurancefuneralpremium deposit accountgulMobile AppAnnuity Update ShowillnessPPCProductionAlternative InvestmentsFinancialtrainingImmediate Fixed Annuitiescase studiesSalesSocial MediaMarket ExposureCharityTipsProtectionBreast Cancer Researchbusiness ownersIncomeAnnuitiesadvanced planninginjuryRequired Minimum DistributionHealth CareleadsreviewStar WarsDeath BenefitMillennialssales kitLong Term CareIULtermbusinessGender GapLife QuotesVideo On-DemandGeneration YGiftTax Benefitsend of yearWebinarIncome Planning AcademyLooking Forward, Giving BackunderwritingFinancial Planning