Gain an understanding of the life insurance illustration and ensure that life insurance product recommendations are in your client's best interest.
Significant changes to the definition of life insurance, together with expected increases in income and estate taxes, make life insurance more attractive to HNW and Ultra HNW clients. At the same time best interest rules from the SEC and New York (Reg 187), along with the CFP board's new standards for life insurance product due diligence, are redefining how financial advisors evaluate and recommend life insurance. While life insurance illustrations have been used as decision support for product recommendations in the past, these new best interest rules require new tools and different execution (i.e., as in best execution). This topic will provide a thorough understanding of the life insurance illustration, their legitimate uses, questionable practices, and practical alternatives to ensure that life insurance product recommendations are in your client's best interest.
Agenda
Faculty
Barry D. Flagg, CFP®, CLU®, ChFC®, GFS®, AEP®
Triangulum Financial Partners
- Oldest, youngest CFP® in the history of the College for Financial Planning
- Member of The Center for Board Certified Fiduciaries and head of Life Insurance Curriculum
- Volunteer – CFP® Board Professional Standards & Legal Department
- Managing director of Triangulum Financial Partners serving as sub-advisor to institutional trust companies for thousands of life insurance trusts
- Contributor for Forbes Advisor
- Inventor, founder & president of Veralytic – the only patented, online, objective, rules-based research tool for decision support of product recommendations in clients’ best interest
- Contributor – Leimberg Information Services, Inc. estate planning and financial products newsletters
- Frequent speaker and writer about the prudent selection or retention and proper management of life insurance according to fiduciary principles
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