The impending implementation of the Department of Labor's fiduciary rule has spurred an interest among advisors in getting regulatory training.
According to a survey from the LIMRA Secure Retirement Institute, 40 percent of advisors said they sought regulatory training during 2016. The survey of more than 1,000 advisors compared what advisors considered to be the most important training areas in 2011 with the training they wanted in 2016.
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Training in regulatory issues wasn't even on the radar screen in the 2011 survey, but four out of 10 advisors looked for it this year.
Other major changes included Social Security claiming strategies, sought by only 37 percent of advisors in 2011, but in 2016 by nearly half—49 percent—and training for healthcare planning which increased from 32 percent in 2011 to 42 percent in 2016.
Interest in both estate planning and tax advice also rose, but by considerably smaller margins; the former increased just a single percent, from 36 percent in 2011 to 37 percent in 2016, while the latter rose from 2011's 30 percent to this year's 34 percent.
Considering that the institute's research indicates that half of all financial advisors say the majority of their business consists of preretiree and retiree financial planning—up 40 percent from 2011—it's only to be expected that advisors would increasingly seek training in those areas most closely tied to it, as they expand their retirement income planning services. The DOL fiduciary rule takes effect in 2017.
LIMRA also said that it is developing a training course on the DOL fiduciary rule to help sales professionals and other client-facing staff 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.
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