Make compliance easier with a needs analysis you can share with your client.
With the compliance requirements evolving all the time, it's essential to keep your practice defensible not only to the current regulation but also to be prepared for the evolving landscape compliance entails. Current guidelines recommend we document and be able to produce how we established the insurance need but also to document how and why we reached our recommendations.
CLHIA has recommended advisors follow "the approach" to properly service the client through needs-based sales practices. This document outlines guidelines to keep advisors compliant thought the sales process.
At Life Design Analysis, making sure you are compliant is one of our top priorities. Almost equally important is making sure the process is client friendly and time efficient. Advisors have enjoyed our Needs Analysis for Life Insurance for quite some time. However, we have received lots of feedback that they would like to be able to have the client populate the information. This is especially true when engaging with a new prospect who may not want to share all their details about debt face to face in an initial meeting.
We are happy to say that we have listened to your feedback and have launched our Shareable Needs Analysis which makes it even easier to establish, document and engage with your clients and prospects. Inside Life Design Analysis you now have the ability to link your clients to complete their own Needs Analysis. You will be notified when they have populated the required information and can craft a proposal that matches their needs. This information is automatically documented in their client file with any proposal you create.
For advisors who are looking for an easier way to perform and document a needs analysis and suitability analysis as well as many other guidelines set out by the CLHIA, please watch the video on this page. We help advisors keep compliant by making it easy to complete and document:
- Needs Analysis Tools (personal and business)
- Product Suitability Analysis (transparency to your client about their options)
- Know Your Customer / 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)
- Document Storage
- All your presentations to your clients backed up with multiple levels of redundancy, hosted entirely in Canada (industry exceeding levels of encryption)
Now not only does completing a needs analysis make you compliant, this article found that "Producers sell a lot more life insurance if they advise clients on their life insurance needs. In some cases, they can double the face amount of policies they sell compared to producers who do not provide a needs analysis."
Interactive & Shareable Needs Analysis
If you are concerned about compliance or interested in learning more about how LDA can enhance the value of your practice, I encourage you to sign up for our 30 Day Free Trial! or book a training session with Jon or Nik from our support staff to see how Life Design Analysis can help your practice.