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DOL rule sparks increased advisor interest in regulatory training

Brian Anderson

As the Department of Labor (DOL) fiduciary rule nears implementation, a new survey reveals that 4 in 10 advisors want regulatory training.

The LIMRA Secure Retirement Institute survey, released Sept. 15, compares what advisors considered to be the most important training areas in 2011 with the training they want in 2016. Training in regulatory issues, a category that wasn’t part of the 2011 survey, was sought by 40% of advisors in 2016. Other large shifts included Social Security claiming strategies, sought by 37% of advisors in 2011 vs. by 49% in 2016. Training for healthcare planning increased from 32% in 2011 to 42% in 2016.

The research reported that half of all financial advisors say the majority of their business consists of pre-retiree and retiree financial planning, up 40% from 2011. As advisors expand their retirement income planning services, it’s natural to see requests for additional training in those areas.

Advisors’ interest in seeking regulatory training shows the impact of the DOL Fiduciary Rule, which takes effect in 2017, is already having.

Available later this fall, LIMRA is developing a training course on the DOL Fiduciary Rule to help sales professionals and other client-facing staff navigate their way through the new regulation and stay in compliance.

Fifty member companies, representing a cross-section of the financial services industry, are working with LIMRA to develop the training. When complete, the program can be used to complement a company’s training or serve as a stand-alone course.

To learn more, LIMRA Secure Retirement Institute members can visit: What Do Advisors Think About Retirement Planning? (2016).

LIMRA’s 100th anniversary celebration drawing near

Speaking of LIMRA, the organization is expecting record attendance for its upcoming 2016 annual meeting, which will celebrate the organization’s 100thanniversary. LIMRA is reminding potential attendees of the Oct. 23-25 event in Chicago to register now, before the registration fee goes up on Sept. 28.

The unique professional development experience will feature:

• Keynotes by Condoleezza Rice and Tom Brokaw

• Executive-level speakers addressing industry issues

• Expanded workshop content

• Extensive networking opportunities

Check out the event’s online brochure to see full program details.

About LIMRA: Since 1916, LIMRA, a worldwide research, learning and development organization, has been the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries. To learn more about LIMRA’s 100th Anniversary Celebration, please visitwww.limra.com/100years



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