11.15.23

CFPs Are Fiduciaries Even When They Sell Annuities, CFP Board Says

by: Tracey Longo

Certified financial planners (CFPs) who sell annuities are subject to a tougher fiduciary standard, as well as the National Association of Insurance Commissioners suitability Model Regulation, the CFP Board said in new guide. The purpose of the new guide is to help CFPs who are subject to both the CFP Board standards and the Model Regulation identify some important similarities and differences, the board said. ?“The CFP Board Code imposes a fiduciary duty. The Model Regulation does not,” the guide said, adding that advisors who sell insurance products must follow both.

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