LIMRA LOMA SRI Reveals Client-Facing Fiduciary Training

The Department of Labor fiduciary rule will fundamentally change the way companies and financial professionals interact with their clients. 

LIMRA LOMA Secure Retirement Institute launched a new online training program “created to provide essential knowledge about the Department of Labor’s (DOL) fiduciary rule and its implications for client-facing professionals—employee and contracted.”

“It is critical that companies ensure all of their client-facing professionals have a common understanding of the rule, and how it will impact the information and/or advice provided to prospects and clients,” says Kathryn Reid, vice president, LIMRA Assessments and Development Solutions. 

She explains the new training program, known as “Fiduciary Education for Sales and Service Professionals,” is built around a self-paced online curriculum designed to educate all client-facing employees, including registered representatives, investment adviser representatives, insurance agents, wholesalers, contact center representatives and service personnel. 

The program is comprised of a base course and role-specific courses for both fiduciary and non-fiduciary roles. The base course “clearly explains the DOL fiduciary rule and the Best Interest Contract Exemption (BICE), using realistic scenarios to illustrate how to remain compliant under the new regulatory environment.” The program also features an annual re-certification course to ensure employees and representatives continue to have the best and most-up-to-date understanding of the DOL fiduciary rule and its implications as the implementation unfolds.

“Under the new rule, financial services companies not only need to educate their employees, but they also need a way to track and document compliance,” adds Paul Henry, managing director, LIMRA Secure Retirement Institute.  

Companies that already use LIMRA’s Compliance Education Platform to deliver anti-money laundering, or detecting elder financial abuse programs will receive a discounted rate for the new fiduciary training program. More information is available here.