February 2022

Simplicity News

Please look for an email from Heather Peck regarding the updated Employee Handbook.

Simplicity is hosting a one-day Broker-Dealer Wholesaler Training on April 28 in Austin, TX for interested ADCs. More info forthcoming.

Mandatory Compliance and HR Training will be taking place in the next few months – please look for an email with registration details.

Simplicity is hosting its first-ever ADC Summit on April 29 in Austin, TX; Registration link forthcoming for all ADCs.

Upcoming Events

Next 30 Days

February 17



February 21

Simplicity Offices closed in observance of

*select offices; see your manager to confirm your office’s schedule

February 24-25

Learn how to harness the power of a proven sales process with an end-to-end sales experience that can help grow production and establish strong connections with new clients.



March 1

with Global Atlantic

Learn how to utilize marketing resources, lead generating opportunities, exclusive software, and more to elevate your sales in 2022.



March 3

ABLTC Recruiting Webinar


Next 60 Days

March 17


March 30

Wealth Training Event for Current Advisors



On February 1st, the DOL enforcement date went into effect.  Here are helpful reminders of what is currently required:

Agents should continue to determine whether each financial transaction is a fiduciary transaction.   Agents may generally utilize the 84-24 exemption for insurance and annuity contracts that are considered fiduciary transactions.

How do I know if a transaction is a fiduciary transaction?

When working with the source of funds in which is qualified assets (IRA,401k)  the agent needs to apply the 5 Part Test:

  1. You provide advice as to the value of securities/property, or recommendations as to the advisability of investing in, purchasing, or selling securities or other property;
  2. You provide (or anticipate providing) advice on a regular basis;
  3. The advice you provide is made pursuant to a mutual agreement, arrangement, or understanding with the plan, plan fiduciary, or IRA owner;
  4. The advice you provide will serve as a primary basis for investment decisions with respect to plan or IRA asset; and
  5. The advice is individualized based on the particular needs of the plan or IRA account.

If the agent is registered and affiliated with a Broker-Dealer or RIA  there may be additional requirements that their compliance personnel can advise.  The requirements may be in line with the other exemption: PTE 2020-02.

Will the DOL Rule be delayed?

Our expectation is that the enforcement date will remain February 1.  There is no news about any delay as of this time of the communication. The documentation date to substantiate recommendations is July and is still in place additionally.

Do agents need to send the 84-24 or any supporting documentation to the carrier? What documentation should they be obtaining?

At this time, carriers have not requested copies of paperwork such as the 84-24 form.  Each fiduciary transaction should have a 84-24 form included in your client file along with the financial analysis that was made to determine this recommendation is best for the client.  Agents should be obtaining the previous plan account statements to assist with their analysis and compare the advantages as well disadvantages versus each potential recommendation including staying in the plan.

Should you have specific questions regarding the DOL Rule, please feel free to contact Jared Margolies.

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