Life insurers firmly believe that every American should have the opportunity to achieve financial security, regardless of their income level.
A proven way to attain financial certainty is to work with a financial professional like Kenyata Moore of Indianapolis.
Moore, a Navy veteran, helps clients of all income and experience levels plan and prepare for their financial future.
“I really do try to be of service to everyone I meet, whether it’s someone with $1 million or someone with $50,” said Moore. “A lot of my clients are really nervous about just what’s next.”
Indeed, a recent survey showed that 81% feel the guidance they receive helps them feel reassured during difficult economic times.
The guidance provided by financial professionals like Moore is essential for millions of Americans. That is why the life insurance industry is so troubled by the prospect of an oppressive regulation that would limit access to financial guidance and options for lifetime income for many hard-working Americans.
The U.S. Department of Labor (DOL) recently sent a proposed regulation to the Office of Management and Budget for review. The last time the DOL put forward a fiduciary regulation in 2016, the proposal included a strict fiduciary-only standard that would have made it harder for millions of Americans to achieve financial certainty.
Fortunately, the 5th U.S. Circuit Court of Appeals vacated that ill-advised regulation. But if the new DOL proposal is like the earlier one, it will exclude low- and middle-income Americans from receiving valuable financial guidance, including many from under-served communities.
“I believe everybody should have access to us for guidance,” Moore said. “It’s just something I’m really passionate about is showing that everybody has access to us, and everybody deserves to be served by us.
“Financial professionals never came to my school, never came to my parents’ home. They had no idea how to handle their money, how to invest it at that time. So, I don’t want that to be the case. I feel like my community, in particular, is very under-served …”
“Reaching out and talking to people who’ve never had the option of sitting down with someone, who’ve never had even a thought about retirement or a thought about sending their kids to college because they didn’t think they could ever afford it and showing them that there are ways. There are ways that we can start with a little and keep going and growing and growing, and you have that opportunity.”
No regulation coming out of Washington D.C. should ever take away that opportunity.
Michelle Carroll Foster is Chief Inclusion Officer at the American Council of Life Insurers (ACLI). She joined ACLI in 2019.
