Does A Napkin Cut It In Today's Compliance Environment?

I had a very interesting call with an "advisor" today who stated that the back of a napkin was sufficient compliance when discussing the suitability needs of his clients. As he spoke, I wondered if he would back up that napkin and if the illustration accurately reflected the pricing unique to that client. I wondered if this magical napkin could highlight the differences between guaranteed, reduced and total cash values. As he spoke, I allowed my mind to wandered even more as I imagined FINTRAC storming through the door as this "advisor" feverishly tries to defend his napkin with muffin crumbs and coffee stains on it.

However, it made me think more about advisors who are not willing to invest in their process or their practice. I fear they may ruin the business for all the great advisors out there.

Recently, I was speaking with Lawrence Geller who pointed out, "You are not judged by the compliance standard at the time you sold the policy but at the time when it is reviewed."

For advisors who are serious about compliance, I want to share a few ways Life Design Analysis can help you stay compliant:

  • Needs Analysis Tools (personal and business)
  • Product Suitability Analysis (transparency to your client about their options)
  • Reason Why Templace / Advisor Disclosure (customizable area to include in every report)
  • Manage Policy Milestones (import your block and see critical opportunities)
  • Present Value / Future Value Calculation (show time value of money)
  • All your presentations to your clients backed up with multiple levels of redundancy, hosted entirely in Canada (protected by armed guards 24/7)

If you are concerned about compliance or interested in learning more about LDA, I encourage you to sign up for our free 30-day trial where we will personally reach out to share a few ways you can use our software to enhance the value of your practice.