When you can show that you are more compliant then the next advisor then you have that competitive advantage. Don’t just stay ahead of the competition; use compliance as your competitive advantage. Not all regulations are valid to all clients but they exist to protect clients. Make the regulation irrelevant because you already have the Veralytic research for measuring policy charges and performance and supports that the life insurance is competitive and suitable. Having this documentation can help protect you against a potential customer complaints and/or UPIA challenges.
In addition, while agents/brokers (too) often use illustrations of HYPOTHETICAL policy performance to compete, comparing illustrations can be "misleading" and is "strictly prohibited" by the chief regulatory body of the financial services industry, and are "fundamentally inappropriate" according to a study by the chief actuarial body of the life insurance industry, and "are subject to a high degree of fluctuation" and thus not reliable for determining the suitability of a given policy according to the U.S. Office of the Comptroller of the Currency.
As such, focusing on pricing and performance SEPARATELY provides the competitive advantage of being able to use proven Prudent Investor principles (see the Best Practice Standards for Life Insurance Stewardship LinkedIn Group for more on this) and established industry authority (see 3 Questions to Ask about EVERY Policy Review").
Veralytic goes beyond simply comparing illustrations of hypothetical policy values that can be considered “misleading” and “inappropriate” by both financial and insurance industry authorities. The Veralytic Research consists of several measures of policy suitability in an easy-to-read graphical overview, summarized by a simple star rating system that measures against five different categories of policy performance. The validity and utility of the research has been recognized by national industry publications as well as regulatory and oversight agencies.
Clients hire you for your knowledge and professionalism and trust that you will go beyond what the average financial planner will do for them. Fulfill that expectation with Veralytic research. When you add Veralytic research to the overall financial plan and tell the client exactly where their life insurance fits into their financial plan and manage life insurance just like any other asset, they can have greater confidence that they are in the right hands.
Veralytic is simply the fastest, easiest, and most comprehensive and cost-effective way to independently verify to clients and their advisors whether or not the pricing and performance of existing or proposed life insurance is in their best interest. Veralytic is accepted for independent client representation, endorsed by the New York Bankers Association (NYBA) and compliant with industry regulations and established case law.
Use the Veralytic Reports to determine the appropriateness of pricing, the reasonableness of performance expectations for invested assets underlying policy cash values, and overall suitability for your (client’s) policies based on the 5 factors of suitability. Click here and get up to 3 Veralytic research reports under our NO-Risk trial subscription.