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For broker-dealers, life insurance policies represent both risk and opportunity.
The good news is that life insurance can provide additional sales revenue and ongoing commission, establish deeper relationships with their policyowners, prevent inroads to a client by competitors, and offer an avenue to increased AUM via policy cash value and eventual death benefits.
The bad news is that due to their complex nature, they require specialized knowledge to fully grasp the nuances of the unique tax provisions and pitfalls. And in a post Reg BI world, it’s important now more than ever to establish compliant service standards specific to these policies and their performance.
So what can you, as a broker-dealer, do to ensure you’re compliant when it comes to selling life insurance? In our newest white paper, our CEO, Kris Beck, offers insight around why proactive inforce management is key to establishing and maintaining regulatory compliance for broker-dealers selling life insurance products.