Do Insurance Agents Have a Fiduciary Responsibility

[jori]

I heard a "consumer advocate" radio show host say insurance agents are not held to the same legal guidelines with their clients as an impartial, fee only, advisor. He claimed that there is some financial act (don't recall which one) that specifically names people like bank trust officers and fee only advisors as fiduciaries and holds them to a higher standard than commissioned agents.

This person already is prejudiced against commission sales people, claiming they are not objected, but I really believe he is stretching the truth here.

Years ago when I worked in the retirement planning market I was very much aware of my fiduciary responsibility under ERISA.

Is this guy totally off base, or is there a law that defines fiduciary responsibility that does not apply to insurance agents?
]