Fiduciaries are obligated to always act in the best interest of their clients. The possibility of a fiduciary failing to do so is referred to as fiduciary risk. Watch this video to learn more about how Proformex helps fiduciaries avoid that risk.
To learn more about Regulation Best Interest, visit our Reg BI resources page.
The primary role of any insurance agent is to recommend appropriate products to meet consumers’ needs.
The fact that insurance compensation varies based on commission plans and products sold have industry regulators seeking the development of best interest standards.
New York was the first state to approve legislation to adopt a best interests standard, requiring insurance carriers to establish policies and procedures ensuring their policyowners’ best interests are maintained. Rather than offering advice based on producers’ financial incentives, agents must adhere to a higher standard of care, recommending insurance products solely because they are in the client’s best interests.
The monitoring of in force policies helps ensure policyowners’ best interests remain intact.
Proformex is a proactive life insurance management platform that monitors in force policy performance and provides annual policy reports.
To learn more about how Proformex helps protects policyowners, visit our website.