IRA

Feeling Overwhelmed by the DOL Fiduciary Rule? Pacific Life Has Tools That May Help You

May 18, 2017

For this post, we are focusing on the "IRA Rollover Conversation" with your clients and prospects.

We have tools and resources to assist you in developing best practices and a sound process.

If you have kids, then you know the feeling of being completely overwhelmed when a new one comes along, and you have to overhaul your daily (and nightly) routine for the foreseeable future.

Similarly, when rules change in our industry, such as the DOL Fiduciary Rule, we also can feel completely overwhelmed with having to change how we communicate and interact with our clients.

The good news is that Pacific Life has created tools that will help you through these changes.

My wife and I just had our third (and last) child about a month ago, and I'll be honest with you: it’s been quite the adjustment. Other than the obvious, like lack of sleep and overall physical and mental exhaustion, my wife and I are also dealing with changing our daily routines/responsibilities with our other children.

This is clearly taxing on everyone, but as with any time there is change, we will slowly but surely adjust.

The DOL Fiduciary Rule is kind of like this new kid (just not nearly as cute). The new rule came as a bit of a surprise (just like my third child) and requires us all to deviate a bit from our norms. But in the end, regardless of whether or not the rule maintains its current form after the recent delay, our industry will now comply with some form of the "best interest standards" and create processes that will support these standards.

Luckily, Pacific Life is here to help you through this process and has created some tools that may help.
 

IRA Rollover Resources

For our first "Thrive with Pacific Life" series of materials, we are focusing on the "IRA Rollover Conversation" with your clients and prospects. We have tools and resources to assist you in developing best practices and a sound process to:

  • Discover client goals
  • Document the rollover decision

Two of the flagship resources are our:

  1. IRA Rollovers Resource Guide —a comprehensive guide with a wide range of topics including:
    • An overview of the DOL Fiduciary Rule.
    • Rules about required minimum distributions (RMDs).
    • Various ways to create lifetime income solutions.
    • Various other planning ideas (e.g., beneficiary planning).
  2. IRA Rollover Checklist —designed to help financial professionals:
    • Gather detailed information on the client's current plan and financial goals.
    • Provide a comparison of applicable solutions and demonstrate why an IRA rollover may be in the client's best interest.
    • Document your findings and the final decisions.


Of course, you must always follow your firm's policies, procedures, and guidelines, but we offer these resources to help you comply with whatever those policies/procedures/guidelines may be.

If you would like to order any of the materials referenced above, please contact your internal wholesaler, or if you don’t know who your internal wholesaler is, you can contact the Retirement Strategies Group directly at (800) 722-2333, ext. 3939, or send an e-mail to RSG@PacificLife.com, and we will get you in touch with him/her.

Picture of Chad Goforth

Chad is currently an Attorney Consultant for the Corporate Law Department at Pacific Life. Previously, he was a Senior Retirement Strategies Consultant, bringing more than 13 years of industry experience to his role and providing technical insights to our sales team and registered representatives on a variety of issues including IRAs, qualified plans, annuities, and estate planning issues.

Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.

Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. 

Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company (Newport Beach, CA) and an affiliate of Pacific Life & Annuity Company. Variable and fixed annuity products are available through licensed third parties.

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