For this issue of Market Conduct & Suitability, Senior Market Advisor editor Daniel D. Williams spoke with Keith Singer, JD, CFP at Keith Singer Wealth Management in Boca Raton, Fla. to get his thoughts on compliance, suitability and senior protection issues. Following are the highlights.
Senior Market Advisor: What changes are you seeing in the industry (from a suitability and compliance standpoint)?
Singer: Many broker-dealers are trying to make their registered representatives sell equity index annuities through the broker dealer. In some cases, broker-dealers have created a limited list of approved products that the reps may sell.
SMA: What can you tell me about senior protection issues? How do you see that getting better?
Singer: I see insurance companies offering more attractive living benefits in both their fixed and variable products. There are also many new products with much improved liquidity features. In some ways, the perceived lack of liquidity has been a black eye on the industry. So, clearly, insurance companies are trying to respond to this concern.
SMA: What can companies do (from a compliance and education standpoint)?