Advisers at peace with NAIC proposal for more annuity rules

Although members of the insurance industry and some broker-dealer executives are butting heads with state regulators on tougher annuity regulation, financial advisers cheered the proposed use of Finra-esque suitability layers for all annuity sales.

“Registered reps are already so regulated, and we're so used to it,” said Ron Palastro, an adviser at R.S. Palastro Financial Planning Services Inc. in Brooklyn, N.Y. “Insurance guys need to be brought up to a higher level of responsibility, and suitability doesn't seem that out of line...”

Investment News: Advisers at peace with NAIC proposal for more annuity rules