Filed Under:Your Practice, Practice Management

MDRT's Magni: Compliance requirements are hurting the business

MDRT's Magni says the states have been slow to approve new annuities offering LTC riders.
MDRT's Magni says the states have been slow to approve new annuities offering LTC riders.
At the 2014 MDRT annual meeting in Toronto, NU Senior Editor Warren S. Hersch interviewed Peter Magni, a financial representative of Wellesley Financial Group & Insurance Agency, based in Wellesley, Mass. The following are excerpts of the interview.

 

Hersch: What topics being discussed at this year's MDRT annual meeting can be of most benefit to you in your practice?

Hersch: Are many of today's compliance requirements in your view unjustified?

Magni: The regulators are trying in large measure to attack to the wrong problem -- going after scumbags and pyramid schemers like Bernard Madoff. The real problem is advisors entering the business through independent channels who don't have a proper understanding of insurance and financial planning. And as a result, they're making costly mistakes.

Hersch: And how many people will do this? Do boomers have realistic expectations about what they can draw down in retirement?

Magni: Most people in a recent study thought they could take out 10 percent annually and have enough money to last them through retirement. This is what we're up against: a lack of financial education, a lack of understanding about longevity, and a lack of understanding about how much they can spend each year when they get to retirement.

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Nichole Morford

Nichole Morford
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