by Tammy de Leeuw
Blended Marketing Visibility Maven
You've probably seen the classic movie Ground Hog Day, the 1993 film that re-invigorated interest in Sonny and Cher, taught us that toasters in bath tubs are not a good idea, and introduced the world to Ned "the Bull" Ryerson, insurance agent extraordinaire.
In Ned Ryerson was the universal insurance agent stereotype:annoying and pushy; a subhuman species of sales person begging to be mocked.
Ned was the guy we had fun rooting against; a clueless product pusher trying to sell us something we neither wanted nor needed. Everyone in the audience chuckled to see Bill Murray going out of his way to avoid Ned.
That stereotype persists despite the amazing public service provided by most insurance agents, and the fact that the average person needs an agent's expertise in order to navigate increasingly complex products.
It's little wonder then, that insurance agents and advisors are easy fodder for politicians trying to make a names for themselves as crusaders for the public good.
The latest to don a cape and rail against the "abuses" foisted on the public by insurance agents is Elizabeth "Waiting for my chance to be President," Warren.
If you haven't kept up with Liz's crusades against the fixed annuity industry... you should.
Even if you personally hate fixed annuities, you should be very, very concerned about yet another government attempt to fix that which is not broken.
If you are in the industry you should also be concerned about those who continue to use the insurance industry as a whipping boy to further their own political advancement.
It's no secret that Elizabeth wants to be president some day. It's also no secret she will throw an entirely legitimate profession under the bus in order to achieve that goal.
Read more, get mad, do what you can to stop it...
But whatever else you do, start thinking of ways you can protect your wealth and that of your clients from the erosive effects of nanny state legislation.
If you haven't done so yet, check out the replay of our asset protection webinar.
PS: Here are links to some articles, both pro and con, on the "fiduciary threat."