1. Complete Your Product Training and CE – Why wait until you have an annuity application pending to take the required product training? Similarly, if you haven’t already taken the required four-hour course covering all-things annuity, schedule the appointment today!
2. Get to Know Your Clients – Build a level of trust and comfort that extends beyond the “one-transaction” model.
3. Ask Your Client Pertinent Questions – Familiarize yourself with the 12 critical questions in the NAIC Suitability Model Regulations. This forms the basis of all suitability forms across all carriers.
4. Document Your Meeting & Analyze Your Client’s Information – It’s absolutely vital to create a paper trail. Document everything that was discussed and all fact-finding efforts leading up to a product recommendation and sale.
5. Recommend a Suitable Product – While most agents have a specific product they prefer to sell, understand that one-size does not fit all. Work with the marketers at Partners Advantage to find the most suitable options for your client.
6. Understand the Insurer’s Suitability – Know in advance what specific issues might trigger a heightened suitability review at the carriers you are sending your application to. Different carriers have different emphasis on areas of importance when it comes to reviewing for suitability. Become familiar with their thresholds and guidelines before taking an application.
7. Complete the Suitability Form in Its Entirety – Simple enough – an incomplete form will stop your pending business in its tracks.
8. Write a Cover Letter to Support the Sale – Tell the client’s story in a simple letter that gives relevant information about the application, further details about any replacements and financials goals motivating the purchase. A little more info goes a long way when these applications are getting reviewed for suitability.
Request our Annuity Suitability white paper written by Partners Advantage Director of Suitability and Compliance, Ria Cruz, to obtain in-depth information on the Eight Tips outlined above. For more information and case assistance, contact Partners Advantage at 888-251-5525.
For financial professional use only. Not for use with consumers.
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