States Implement Best-Interest Standard for Annuity Sales

The American College of Financial Services
Annuity.org
February 18, 2021

Many states are updating their regulations on financial products to encourage professionals in the industry to take the best interests of their clients into account when offering them advice. But while the new rules add extra steps to the process of client education on financial products, they stop short of enforcing a true best-interest standard. Will they truly be effective?

Steve Parrish, Co-Director of The College’s Center for Retirement Income, says he believes the new regulations are a positive first step toward more accountability for financial advisors in regard to their clients. Learn more about what impacts he anticipates in this piece from Annuity.org.

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