BALTIMORE ESTATE PLANNING COUNCIL

About the Program

The fiduciary era for life insurance began on February 1st, 2020, with the implementation of NYS DFS Reg 187. This Clients Best Interest Regulation was constitutionally affirmed on October 20th, 2022, by the NYS Court of Appeals.  The CFP Board implemented its Fiduciary Standard related to life insurance on June 1st, 2020.

The NY Regulation and the Fiduciary Standard use fiduciary language- “care, skill, prudence, diligence of a prudent person” while evaluating “cost, performance and risk”. Ethically, the regulation applies in every state, the Standard applies in every state.

WHAT ARE THE BENEFITS OF ATTENDING THIS EDUCATIONAL PRESENTATION?

• Reduce fiduciary risk

• Further your education and unwrap the black box of life insurance

• Help clients achieve better outcomes, further strengthen client relationships.

• Generate new HNW/UHNW client referrals

• Learn how to use independent research for life insurance just like you use independent research from Morningstar for investments.

WHO SHOULD YOU BE INTERESTED IN ATTENDING?

Fiduciaries have told us that they are:

1. Frustrated by life insurance broker conflict of interest and lack of transparency.

2. Concerned that the “full story" is not available with the typical life insurance illustration analysis.

3. Disappointed that they can’t figure out which policy will lead to a better outcome for their clients.

4. Uncomfortable working with insurance advisors who are not fiduciaries or who do not work under a clients best interests framework.

Do any of these issues listed above resonate with you?

LEARNING TAKEAWAYS

• Learn why the current standard of care--"side by side" life illustration comparisons are now considered “misleading”, “fundamentally inappropriate” and unreliable according to guidance from industry regulators.

• Learn the information required for life insurance decision-support material that conforms to the fiduciary’s duty to exercise care, skill, prudence, and diligence.

• Recognize when life insurance product recommendations are in your client’s best interest (as defined by NY Regulation 187 and generally accepted fiduciary principles including the FPA Practice Standard).

• Learn how to compare life insurance illustrations to life insurance industry benchmarks- just as you compare investment performance to investment industry benchmarks such as the S&P 500 Index or the DJIA.

The presentation is based on guidance from the UPIA, NYS DFS Reg 187, the OCC, FINRA and adjudicated lawsuits.

About the Speaker

Steven serves as a Managing Director at KB Financial and has been asked to educate members of STEP, NAEPC, PLI, NYC EPC, the ABA, the CFA Society, FI 360/Broadridge and dozens of other groups on the application of prudent investor guidelines to life insurance product selection and portfolio management.  These guidelines are based on established and proven asset management doctrine- benchmarking, analysis of cost, performance and risk, etc.. Steven helps fiduciaries guide their clients’ insurance decisions based on the only patented prudent process for life insurance selection and retention.

Continuing Education

Continuing education credit is available at most webinars for Accredited Estate Planner® designees. In addition, a general certificate of completion will be made available for those professionals who feel the program satisfies their continuing education requirements and are able to self-file. It is the responsibility of the attendee to determine whether their state, discipline, or designation will allow one to self-file for a distance-learning program. Please contact webinars@naepc.org prior to attending your first program if you have any questions with regard to the availabililty of credit. 

Zoom Link
https://us02web.zoom.us/j/82715775458?pwd=aUkxMTQwb3ZyYThuR2lFTlpxaWZNZz09
Meeting ID: 827 1577 5458
Passcode: 837533