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June Is National Annuity Awareness Month

Famed businessman Peter Drucker once said that knowledge has power, because “it controls access to opportunity and advancement.”

In June, a group of NAIFA members echoed that sentiment after attending a half-day workshop on the new Department of Labor fiduciary rule.

Workshop participants arrived at NAIFA’s headquarters at 8 a.m., armed with several questions and concerns about how they will apply the DOL rule to their practice while serving the needs of their clients. Four hours later, attendees told me the workshop provided them with a better understanding of the rule, and many expressed confidence about moving their practice forward in this changing and complex regulatory environment.

John Crane, CLU, ChFC said this about the workshop:

“To be able to come to an event like this and have someone break it down and say, ‘this is what it means and this is how to interpret the rules for your business,’ but also ‘this is how you can best serve your clients under the rule,’…is extremely helpful.”

The workshop builds in time for participant dialogue and interaction, a feature NAIFA member Shanna Stringfield, LUTCF, appreciated:

“(The workshop) was great interaction. You learn from each other. People will have questions you may not have thought of and you have those ‘ah-ha’ moments. You really embrace the class. It was awesome.”

And after attending the workshop, NAIFA Member Bob Schmiesing, LUTCF, said he’s ready to remain at the top of his profession:

“What’s good about taking the class is we’re going to be the best (advisors) in the world. Our ethics and values are going to be consistent with doing the best for our clients. …We’re learning how to do it better.”

NAIFA developed the workshop, “Serving Your Clients with Fiduciary Compliance,” within weeks of the DOL’s release of the 1,000+-page rule. It’s one of the most comprehensive resources available to help members develop implementation strategies and learn fiduciary compliance. I am confident your participation in this workshop will be the best investment you will make this summer or fall. Hear what other members had to say.

The DOL workshop is the first in a series of training courses developed by NAIFA for members seeking to enhance their knowledge about the business. A November 2015 survey of members conducted by Association Laboratory, Inc. confirmed perceptions that professional associations like NAIFA are considered to be one of the most important and viable educational resources that help advisors achieve their desired outcomes. In particular, training programs focused on building core competencies such as those focused on sales and prospecting skills, and time management, are at the top of members’ lists.

Survey results also revealed that classroom training at the state or local level is the most preferred format, which is why NAIFA is formatting the Skill Builders Programs into on-site workshop deliverables.

For information about the DOL workshop and other upcoming Skill Builders programs in your area, contact your state or local association.



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