Filed Under:Annuities, Fixed Indexed

Got DOL rule compliance questions? IRI training program has answers

The Insured Retirement Insitute and RegEd are developing training modules to help advisors comply with the Labor Department's fiduciary rule. (Photo: iStock)
The Insured Retirement Insitute and RegEd are developing training modules to help advisors comply with the Labor Department's fiduciary rule. (Photo: iStock)

The Insured Retirement Institute said it has partnered with RegEd Inc., a compliance technology software company, to develop training platforms designed to help financial professionals and home office personnel to comply with the U.S. Department of Labor's fiduciary rule.

The first course within the training program, which is scheduled to be available in the next couple of months, will provide an overview of the Labor Department rule and the Best Interest Contract exemption, including an explanation of what it means to be an Employee Retirement Income Security Act fiduciary under the rule. The training also will cover how advisor compensation could be affected and how existing client relationships may change, as well as outline the new regulatory landscape for level-fee advisors, rollover recommendations and proprietary products.

Pricing for the training has not yet been determined, said Andrew Simonelli, vice president of communications at IRI. 

“Training will be one of most critical parts of implementing the DOL’s fiduciary rule, which is the most massive regulatory change to impact the industry in decades,” said Cathy Weatherford, president and CEO of the Washington-based institute, in a press release.

“Our industry-leading training, which has been developed with the support of more than 800 industry professionals who are participating on our implementation task force, will help support our members and financial advisors who must prepare to implement the rule and operate under these new requirements," Weatherford said.

Training will focus on compliance with the rule’s requirements at each stage of the investment transaction process. Financial professionals from financial advisors to call center personnel, branch managers, back-office operations professionals and compliance officers are among those who will benefit from the training initiative, the institute said.

The training program is designed to cover all investment products, including annuities and mutual funds.

Additional training modules are scheduled to follow the initial program, including a two-part course on implementation of the rule's Best Interest Contract standard and another course focused on the responsibilities of broker-dealer and insurer home office personnel.

Continuing education credit will be available for completing the modules. IRI is developing the content of the training and distributing it through RegEd. When the training modules are available, interested parties will be able to sign up through RegEd, said Simonelli.

See also:

DOL 101: The fiduciary rule's impact on insurance-only agents

5 things to know about selling annuities under the DOL fiduciary rule

Fiduciary rule causes insurers to pull back on financial products


5 questions clients may ask about the DOL fiduciary ruling

Annuity clients will be curious how the new regulation will affect their client-advisor relationship – and their investments.

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Nichole Morford

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