MARLTON, N.J., Oct. 10, 2016 /PRNewswire/ — Alpine Brokerage, an independent fixed insurance wholesale marketing firm, has officially filed with the Department of Labor’s Office of Exemption Determinations to become a financial institution. The firm is part of a select group in the U.S who has filed for this status, which if approved, would allow independent insurance agents to sell commission-based insurance and financial products under the Labor Department’s Best Interest Contract Exemption (BICE).
The final version of the fiduciary rule published in April allowed only banks, insurance companies, broker-dealers and registered investment advisors to be considered as financial institutions by the Department of Labor. Although IMOs have contracts with independent agents, these firms were left out of the ruling because they are not regulated in the same way.
Independent agents were responsible for more than 60 percent of all fixed-indexed annuity sales last year with the market expected to grow reaching $60 billion in sales of fixed indexed annuities this year alone. Alpine Brokerage filing demonstrates their ongoing commitment to support the financial sales professionals as they reinvent their respective practices in 2017 and beyond.
“I see a strategic shift in distribution of annuity products happening in our industry,” says Dan Charley, President of Alpine Brokerage. “Our firm is positioned to meet the requirements of these new regulations and provide our partners with a platform that allows them to continue to operate in this environment uninterrupted.”
Alpine Brokerage has a commitment to excellence, with the firm attracting many of the industry’s top producers as well as a loyal following of producer partners. Established in 2008, the firm has consistently been on the forefront of marketing and regulatory changes.