There's a new federal broker compensation disclosure requirement that's encouraging greater transparency in the benefits industry—and creating an extra step for brokers.
The Consolidated Appropriations Act of 2021 introduced new regulations about broker compensation. The goal is to improve transparency about the way brokers are paid beyond client transactions. But what does this actually look like for brokers in practice?
Yes, brokers now have to complete an extra step to remain in compliance, but the nature of the law also means that broker relationships with their clients could be affected.
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