- 10,351
If you truly know what it means to be a fiduciary (and I don't doubt that you do, based on what you've said), then you already know the answer to that question: only a pure *** would just declare himself to be a fiduciary and make no changes to his practice.
The fact that being a "fiduciary life insurance agent" is not a real thing. That is what stops me from putting it in writing.
I do realize that some states allow agents to work on a fee only basis to make recommendations. And they are prohibited from taking commissions on those recommendations in most of those states.
But a fee only life insurance advisor is not a legal Fiduciary in those states as far as I know. If I am incorrect please direct me to the state regs stating so.
Also, as an agent who works in multiple states. I have no clue if I am even allowed to say that in many states. Especially the ones that do not have regulations regarding fee based agents.
----------
Most people in our industry, including most people who are CFPs, consider the terms fiduciary and brokerage to be mutually exclusive.
We will have to agree to disagree on the many vs. most term. I would say that the securities industry is split about 50/50... maybe leaning more towards 60/40 these days as education and awareness has increased.
So how do you personally rationalize taking commissions under a Fiduciary Duty?