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Financial Planning Code of Ethics - Webinar

  • ID: 4425696
  • Webinar
  • 100 Minutes
  • Lorman Business Center, Inc.
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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 andor insurance products are under increased pressure to act in the clients best interest. The most recent set of advisor agent rules mostly in effect since mid2017 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 clients best interest.

Learning Objectives
  • You will be able to discuss suitability vs. fiduciary history of the battle of the standards.
  • You will be able to describe unified fiduciary standard.
  • You will be able to recognize complications based on licensing and expertise.
  • You will be able to review myths and truths about fiduciary.
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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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Richard M. Weber, MBA, CLU, AEP® (Distinguished) - The Ethical Edge, Inc.
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This webinar is designed for wealth managers, investment brokers, financial planners, stock brokers, estate planners, attorneys, presidents, vice presidents, CPAs, CFPs, and other financial executives.
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