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Financial Planning Code of Ethics

Gain an understanding of how to succeed as a financial advisor while keeping your clients best interests in the forefront.

Financial advisors - licensed to sell securities and/or insurance products - are under increased pressure to 'act in the client's best interest. The most recent set of advisor/agent rules - mostly in effect since mid-2017 - have generated concern about compensation, business models, and 'best' products. In this topic, standards of care expert Dick Weber will review how the forces that have influenced the push to tighter rules - and more importantly - how we can not only survive but thrive the move toward standards that are in the client's best interest.

Runtime: 102 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is It That's Inspiring the Imposition of Fiduciary as My Standard of Care? -

  • The Extraordinary Case of Glenn Neasham
  • The "Great Recession"
  • State DOI and DOS Activism

Suitability vs. Fiduciary - History of the "Battle of the Standards"

  • Securities and Exchange Act of 1934 (Brokers Render Incidental Advice: Rule-Based)
  • Investment Advisors Act of 1940 (Federal Fiduciary Standard: Principle-Based)
  • Financial Meltdown of 2008 (AIG and Bernie Madoff)
  • Dodd-Frank Financial Reform Act of 2010 (Move Standards Toward Harmonization)
  • Securities and Exchange Commission
  • Department of Labor
  • Financial Regulatory Authority

Unified Fiduciary Standard

  • SEC Staff Report - 1/21/2011
  • Issues of Harmonizing Standards Pertaining to Advice - to Product Implementation
  • Standard "Territories" - Can They Be Harmonized?

Complications Based on Licensing and Expertise

  • Appointed Agent
  • Registered Representative
  • Compliance
  • "Camel's Nose Under the Tent"

What Is Fiduciary? What Issuitability?

  • Fiduciary
  • Suitability
  • The Federal Fiduciary Standard Imposes Requirements That Do Not Apply Under the Suitability Standard

Ethical Guidance - Society of Financial Service Professionals (and Similar to CFP Board)

  • Code of Ethics
  • Rules
  • Practice Standards
  • Are We Already Fiduciaries - in the Court of Public Opinion If Not the Court of Tortes and Trials?

Are We or Aren't We Fiduciaries - and What to Do About It?

  • Determine What Primary Insurance Company Relationships Are Pursuing With Respect to Heightened Standards Ofcare; Same With Broker-Dealer
  • Examine Your Current Business Model, Practices, and Procedures and the Manner in Which You Hold Yourself Out to Clients
  • What Does It Say on Your Business Card? Adviser? Consultant?
  • Compensation Disclosure Is a Part of Being a Fiduciary
  • What Would It Look Like To Practice as a Fiduciary?

Additional Consideration - Regulators and Carriers Are Only Just Starting to Support Agents and Registered Reps in Their Fiduciary Obligations

  • Deterministic Policy Illustrations Must Be Banned and Replaced With Stochastic Methods
  • Policies Have to Be Clearer and More Understandable - as to the Difference Between Guaranteed Policies (Wholelife and No-Lapse) and Indeterminate Premium Policies (UL, VUL, Equity Indexed UL) - and Whatever Else Evolves in Product Design
  • Compensation Needs to Be More Rationale and Transparent
  • Regulations Need to Be Consistent - State DOI vs. FINRA

How to Thrive in the New Regulatory Environment

  • Meet With Clients and Discuss Your Intentions; Be Clear With Yourself and With Clients That Their Interest Comes Before Your Own
  • Prepare and Review Client Engagement Letter
  • Re-Determine Client Risk Tolerance and Update Client Information and Attitudes
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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on December 12, 2017.

Call 1-866-352-9540 for further credit information.

  • AL CPE
     
  • This course is acceptable for 2.0 live credit hour(s) through the Alabama State Board of Public Accountancy.
     
  • GA CPE
     
  • This program is applicable for CPE credit. *The Georgia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IA CPE
     
  • This program is applicable for CPE credit. *The Iowa State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IN CPE
     
  • This program is applicable for self-study CPE credit including ethics. *The Indiana State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • KY CPE
     
  • This Ondemand program is applicable for CPE credit including ethics. *The Kentucky State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Massachusetts State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MD CPE
     
  • This course is not pre-approved for CPE credit in your state however, it is applicable. *Please check the rules and requirements in your state for compliance.
     
  • ME CPE
     
  • This Ondemand program is applicable for CPE credit. *The Maine State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MI CPE
     
  • This Ondemand program is applicable for CPE credit including ethics. *The Michigan State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MO CPE
     
  • This Ondemand program is applicable for CPE credit. *The Missouri State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MT CPE
     
  • This Ondemand program is applicable for CPE credit including ethics.* *The Montana State Board of Accountancy has final authority on the acceptance of individual courses and providers. Please check the rules and requirements for CPE compliance and calculate the amount of credit hours you can claim for self study courses.
     
  • ND CPE
     
  • This Ondemand program is applicable for CPE credit. *The North Dakota State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NH CPE
     
  • This Ondemand program is applicable for CPE credit including ethics. *The New Hampshire State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NV CPE
     
  • This Ondemand program is applicable for CPE credit including ethics.*The Nevada State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • OH CPE
     
  • This Ondemand program is applicable for CPE credit. *The Ohio State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • PA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Pennsylvania State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • TX CPE 2.0
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 2.0 hours of continuing professional education.
     
  • VA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Virginia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • WA CPE
     
  • This Ondemand program is applicable for CPE credit.* *Please check the rules and requirements in your state for compliance.
     
  • WY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Wyoming State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Richard M. Weber, MBA, CLU, AEP® (Distinguished)

Richard M. Weber, MBA, CLU, AEP® (Distinguished)

The Ethical Edge, Inc.

  • President of The Ethical Edge, Inc.
  • In his 50-year career in the life insurance industry he has been a successful agent (including lifetime membership in the MDRT), an insurance company executive, software designer, and a consultant to insurers and broker-dealers and their producers on the topic of productively serving a client’s best interest
  • For the last 20 years he has served his clients as a fee-only Insurance Fiduciary™
  • Written more than 350 published articles encompassing products, sales practices, and the due diligence necessary to buy and sell life insurance and annuities
  • His research paper Life Insurance as an Asset Class (co-authored with Chris Hause) received the 2008 Academy of Financial Services "Best Paper” award and has been a major influence in the resurgence of whole life insurance acquired for lifetime needs
  • 2012-2013 national president of the Society of Financial Service Professionals (FSP)
  • FSP’s 2008 recipient of the Kenneth Black, Jr. Leadership Award in recognition of his “... exemplary leadership qualities and significant contributions to the fulfillment of the Society’s core values of ethic, education, and relationships”
  • Elected in 2009 to the National Association of Estate Planning Council's Estate Planning Hall of Fame - and selected to receive the Distinguished Accredited Estate Planner award and designation for “... significant and outstanding lifetime achievements and contributions to the practice and profession of estate planning”
  • Senior Adjunct Professor of Risk and Insurance in California Lutheran University’s MBA in Financial Planning
  • M.B.A. degree with a specialty in insurance and finance, Haas School of Business (U.C. Berkeley)
  • Can be contacted at 510-868-8804 or [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 400222
Published 2017
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