Now that we have a delay – what to do with the extra time? AssessBEST suggests advisors should use the time to incorporate a Client-First standard into their practice. And it won’t be that difficult!
Most of the firms affected by the Rule are already moving forward with the spirit of the Rule’s requirements in place. Others who are already fiduciaries are exploiting their licensing and promoting their fiduciary status. One firm has changed all business cards, letterhead and website landings to highlight the fact they are fiduciaries to “get a marketing advantage over non-fiduciaries.”
While this may feel daunting for those who aren’t fee-based planners - it shouldn’t be! You don’t have to be under a regulatory requirement to put your client’s interest first. And, many of your competitors don’t have what you have - annuity and life insurance expertise.
Most advisors tell us they already know their client’s financial needs before they recommend a product. However, that will not be enough now that the fiduciary standard and your competitors are preening over their fiduciary license. As a qualified expert witness on annuities, we are seeing an alarming trend in many claims made to the court. Our most recent cases included claims of “excessive compensation” and “conflicts of interest.” These are two claims that might typically be in a breach of fiduciary duty case, but not the suitability of an annuity case. That doesn’t stop the plaintiff’s bar from litigating. Both cases were “settled” but not before much money had been spent and time wasted.
This new world of heightened regulatory oversight and litigation requires today’s insurance advisor must utilize a reliable and consistent standardized needs analysis process that is reliable and consistent for all clients. The standardized, repeatable process will demonstrate a complete understanding of client needs and financial issues and provide a record of client-first practices and procedures.
More than a robo-compliance system, advisors need a system like no other that uniquely uncovers the insurance gap in clients’ financial plans. This week we will be introducing AssessBEST – a sales and supervisory system for insurance planners.
AssessBEST was developed by insurance professionals for insurance professionals. AssessBEST identifies guaranteed insurance gaps (GIG)™ in financial plans and helps advisors guide clients to guaranteed insurance solutions. AssessBEST was developed under vigorous testing and thorough consultation with fiduciary and suitability experts and resources. AssessBEST is cloud-based and meets the most stringent cyber-secure requirements.
AssessBEST Advisors determine what carriers they want to represent based on the appointments they have today or will have tomorrow. The AssessBEST Advisor selects their preferred Charter Marketing Organization for each selected carrier. AssessBEST DOES NOT require exclusivity to any one IMO or any one Financial Institution.
AssessBEST Charter IMOs designate their own Financial Institution (FI). Plus, AssessBEST offers Horter Investment Management, Inc., as its preferred FI. Horter has been a qualified and time-tested SEC supervising RIA for more than 25 years.
And the best part is AssessBEST and Horter Investment Management do not receive any commissions or overrides on any annuity or life production. AssessBEST is paid through advisor licensing fees. Horter Investment Management is paid a transaction fee for each case requiring Best Interest review by a regulator or by a carrier.
Use your time during a delay wisely, turn your practice quickly and painlessly into a CLIENT-FIRST model with AssessBEST.
For info about licensing or transaction fees, give The Ohlson Group a call at 1-877-844-0900, leave a comment, or schedule an appointment through our online booking calendar below.
Most of the firms affected by the Rule are already moving forward with the spirit of the Rule’s requirements in place. Others who are already fiduciaries are exploiting their licensing and promoting their fiduciary status. One firm has changed all business cards, letterhead and website landings to highlight the fact they are fiduciaries to “get a marketing advantage over non-fiduciaries.”
While this may feel daunting for those who aren’t fee-based planners - it shouldn’t be! You don’t have to be under a regulatory requirement to put your client’s interest first. And, many of your competitors don’t have what you have - annuity and life insurance expertise.
Most advisors tell us they already know their client’s financial needs before they recommend a product. However, that will not be enough now that the fiduciary standard and your competitors are preening over their fiduciary license. As a qualified expert witness on annuities, we are seeing an alarming trend in many claims made to the court. Our most recent cases included claims of “excessive compensation” and “conflicts of interest.” These are two claims that might typically be in a breach of fiduciary duty case, but not the suitability of an annuity case. That doesn’t stop the plaintiff’s bar from litigating. Both cases were “settled” but not before much money had been spent and time wasted.
This new world of heightened regulatory oversight and litigation requires today’s insurance advisor must utilize a reliable and consistent standardized needs analysis process that is reliable and consistent for all clients. The standardized, repeatable process will demonstrate a complete understanding of client needs and financial issues and provide a record of client-first practices and procedures.
More than a robo-compliance system, advisors need a system like no other that uniquely uncovers the insurance gap in clients’ financial plans. This week we will be introducing AssessBEST – a sales and supervisory system for insurance planners.
AssessBEST was developed by insurance professionals for insurance professionals. AssessBEST identifies guaranteed insurance gaps (GIG)™ in financial plans and helps advisors guide clients to guaranteed insurance solutions. AssessBEST was developed under vigorous testing and thorough consultation with fiduciary and suitability experts and resources. AssessBEST is cloud-based and meets the most stringent cyber-secure requirements.
AssessBEST Advisors determine what carriers they want to represent based on the appointments they have today or will have tomorrow. The AssessBEST Advisor selects their preferred Charter Marketing Organization for each selected carrier. AssessBEST DOES NOT require exclusivity to any one IMO or any one Financial Institution.
AssessBEST Charter IMOs designate their own Financial Institution (FI). Plus, AssessBEST offers Horter Investment Management, Inc., as its preferred FI. Horter has been a qualified and time-tested SEC supervising RIA for more than 25 years.
And the best part is AssessBEST and Horter Investment Management do not receive any commissions or overrides on any annuity or life production. AssessBEST is paid through advisor licensing fees. Horter Investment Management is paid a transaction fee for each case requiring Best Interest review by a regulator or by a carrier.
Use your time during a delay wisely, turn your practice quickly and painlessly into a CLIENT-FIRST model with AssessBEST.
For info about licensing or transaction fees, give The Ohlson Group a call at 1-877-844-0900, leave a comment, or schedule an appointment through our online booking calendar below.
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