http://lifeandhealtheditor.com/2010/02/03/dodd-dodders/ Steve Piontek Editor-in-Chief Fri, 30 Apr 2010 13:23:23 -0400 http://wordpress.org/?v=2.8.4 hourly 1 http://lifeandhealtheditor.com/2010/02/03/dodd-dodders/comment-page-1/#comment-368 John Wed, 10 Mar 2010 15:00:40 +0000 http://lifeandhealtheditor.com/?p=110#comment-368 The issue over fiduciary standards or suitability standards in the Dodd bill is a huge one for the industry, and the more press there is over it the worse the industry looks. I think insurance buyers assume that their agent is applying his expertise to provide them with the best product for the customer. The fact that we're licensed experts, but we're allowed to sell something merely suitable - even if we know there's a better option available - opens the door for all kinds of commission-driven pocket-lining. This attracts sleazy salespeople and turns off client-driven salespeople. If we want to be respectable financial service providers, it's time to step up and make a real commitment to sell only the very best product for our customer. Maybe then people will hold the industry in higher esteem. The issue over fiduciary standards or suitability standards in the Dodd bill is a huge one for the industry, and the more press there is over it the worse the industry looks. I think insurance buyers assume that their agent is applying his expertise to provide them with the best product for the customer. The fact that we’re licensed experts, but we’re allowed to sell something merely suitable – even if we know there’s a better option available – opens the door for all kinds of commission-driven pocket-lining. This attracts sleazy salespeople and turns off client-driven salespeople.
If we want to be respectable financial service providers, it’s time to step up and make a real commitment to sell only the very best product for our customer. Maybe then people will hold the industry in higher esteem.

]]> http://lifeandhealtheditor.com/2010/02/03/dodd-dodders/comment-page-1/#comment-278 James Thu, 04 Feb 2010 15:46:04 +0000 http://lifeandhealtheditor.com/?p=110#comment-278 Dodd is wounded and has lost credibility (not that he really had any to begin with on this front). I think you hit it in your penultimate paragraph - the President probably feels that he must get in the game in order to get things done. We will see what they come up with. Based on what is already out there, I am not optimistic that people who have not actually been in the private sector will be able to enact effective reform. Dodd is wounded and has lost credibility (not that he really had any to begin with on this front). I think you hit it in your penultimate paragraph – the President probably feels that he must get in the game in order to get things done.
We will see what they come up with. Based on what is already out there, I am not optimistic that people who have not actually been in the private sector will be able to enact effective reform.

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