While a discussion around fiduciary standards may be relevant to many, the focus here is to identify and unpack some of the recent movements in insurance as it relates to advisors who have built fiduciary practices.

Over the years, the DOL fiduciary rule has created cause for advisors to become more transparent with their fees and conflicts. We break down how the insurance industry is advancing with other aspects of the financial services sector due to the current ruling.

Expanding your fiduciary knowledge alongside Palladium Group’s easy, education-oriented process adds continual value for you and your clients. Focusing on the remaining nine key aspects of the fiduciary infrastructure, we call your attention to the importance of aligning all areas of a fiduciary practice around these standards – including insurance.

A fiduciary standard in the life insurance and annuities industry is a relatively new occurrence. Regulations mandate that you must have a solid infrastructure supporting your fiduciary practice before a best interest recommendation is made. Palladium Group views its fiduciary insurance infrastructure to contain 10 important key aspects.

As an RIA, life insurance and annuities are assets you will encounter within a portfolio or consider as you develop a client’s financial plan. Your fiduciary duty never waivers, but whether federal or state fiduciary regulation applies depends on several factors. Nonetheless, Palladium Group will mirror your fiduciary obligation.

In my 20 years of working in this industry, I’m not sure I’ve seen the insurance space struggle with something as much as they have in adopting a fiduciary approach, particularly when it comes to working with fee-only advisors.