The Insured Retirement Institute has launched a new research initiative to identify regulatory burdens facing broker-dealers that impede their ability, and financial advisors’ willingness, to sell lifetime income products. The initiative is part of the IRI’s effort to pursue a one-stop, national insurance agent licensing system, as well as reforms to address other regulatory hurdles.
"We are focused and committed to working with policymakers to reduce barriers to attaining lifetime income so that all Americans may enjoy a financially secure retirement," IRI President and CEO Cathy Weatherford said. "This includes identifying and removing regulatory red tape and other obstacles that are preventing the broker-dealer community from making insured retirement strategies more readily available. Our new research initiative will serve as the backbone for these efforts, including IRI's support of legislation that promotes the efficient and cost-effective licensing of thousands of financial advisors across the country."
Legislation that would establish the National Association of Registered Agents and Brokers (NARAB)—a one-stop, national licensing clearinghouse for financial professionals operating in multiple states)—was introduced in the U.S. Senate for the first time by Senators Jon Tester (D-Mont.) and Mike Johanns (R-Neb.) in April. The bill would enable financial professionals that have passed background checks in their home state to apply for NARAB membership, allowing them to sell lifetime income products in other states and bypass the burden of duplicative state licensing requirements across multiple states.
"On behalf of our financial advisors, our broker-dealer members, and the insured retirement industry, we thank Senator Mike Johanns and Senator Jon Tester for their leadership on this important issue," Weatherford said. "We urge all members of Congress to advance this legislation to secure its promise of an improved and streamlined licensing process while retaining authority for the states to regulate the marketplace."
The Insured Retirement Institute (IRI) is a not-for-profit organization that for twenty years has been a mainstay of service, commitment and collaboration within the insured retirement industry.