Another Major LTC Player Making Sweeping Changes

[Arthur Rudnick]

originally posted by csalter

I would not wish you determining for me what choices are out there

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The purpose of an agent is to educate you about the product and once you understand the product, it's our job to present all available options.

It's your job to decide what options you're comfortable with.

 

[ikeman07]

originally posted by csalter

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The purpose of an agent is to educate you about the product and once you understand the product, it's our job to present all available options.

It's your job to decide what options you're comfortable with.

Thank you, you just proved my point. I am not an AGENT, I am an ADVISOR. My job as a fiduciary is to do what I believe is in the best interest of the client. If they just want to see all the options they can use google.

 

[Arthur Rudnick]

Thank you, you just proved my point. I am not an AGENT, I am an ADVISOR. My job as a fiduciary is to do what I believe is in the best interest of the client. If they just want to see all the options they can use google.

I see.......
So you just sit down in front of a client and without explaining what the product is and what it does. you just present a plan that you think is appropriate.

There are a dozen options available with a LTC policy. But, you don't see the need to present and explain those options?

IMO, by not getting your client's feedback in designing a plan is not fair to your client.

 

[Norwayguy]

Thank you, you just proved my point. I am not an AGENT, I am an ADVISOR. My job as a fiduciary is to do what I believe is in the best interest of the client. If they just want to see all the options they can use google.

Look I have no dog in this fight. But if you are a fiduciary how do you correlate that with selling your client the highest priced product one that is also captive and can not be sold by anyone outside your company.

American Express / Ameriprise got in trouble for essentially the same thing.
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originally posted by csalter

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The purpose of an agent is to educate you about the product and once you understand the product, it's our job to present all available options.

It's your job to decide what options you're comfortable with.

I'm an agent and I would never present my client with all available options. Part of my job is to fact find understand thier need and wants and present a solution, I may so a couple options but never all available options as it would just tend to confuse the client IMHO though I do much more life/annuities than LTC with many more options than the LTC world.

 

[csalter]

originally posted by csalter

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The purpose of an agent is to educate you about the product and once you understand the product, it's our job to present all available options.

It's your job to decide what options you're comfortable with.

Mr. Rudnick,

You and I are on the same page on this. If you look at that one sentence you posted above I can see that by itself it would make you respond that way. However, I may not have been clear in what I wrote before it. I copied the entire pargraph below of the post.

If you notice I did state I wanted you to educate and for us to planour needs first and then for you to tell me the choices and costs. I want to determine the choice you have presented before me with the prices for them not the agent.

The gentleman from NML said that he looked at the clients finances and then presented the options. I disagreed with that order of events. By him giving me choices based upon finances and not needs could put me in a situation in which I may have more coverage than I need. I don't want to do that. Does that make sense to you?





If I were to have someone try to sell me LTC I would first want them to tell me about LTC. What is it? Why I really need it? Its advantages, etc. etc. etc. Secondly, I would want for you to analyze my needs and then create a plan that would best suit my needs. Then and only then would I want us to discuss the various prices for plans that are to meet my needs. I would then be able to compare prices knowing what I am going to get for the money. I would not wish you determining for me what choices are out there.

My point is that I would want my needs to be determined first then costs.

 

[Arthur Rudnick]

csalter,
I agree and it appears that we are on the same page.

And.................

My father is Mr. Rudnick, I'm Arthur

 

[ltcadviser]

Thank you, you just proved my point. I am not an AGENT, I am an ADVISOR. My job as a fiduciary is to do what I believe is in the best interest of the client. If they just want to see all the options they can use google.

Wow!

No, you are incorrect. The responsibility of a fiduciary is A legal obligation to always act in the best interest if the client. A fiduciary is held to the highest standard of duty and care. Courts view this relationship stringently. What you believe to be in the best interest of the client is irrelevant.

Otherwise, there would never be any negligence lawsuits.

"Well, your honor, I believed it was in the best interest of my client"

"I told him to just Google it, your honor"

Huh?

Jack Lenenberg
JD, Boston University School of Law

 

[ikeman07]

Look I have no dog in this fight. But if you are a fiduciary how do you correlate that with selling your client the highest priced product one that is also captive and can not be sold by anyone outside your company

you obviously haven't read the entire thread. I am not captive, I do show other options. I recommend nothing at the first meeting, all I do is gather information about the person and their situation and what their goals are. I go back and design a plan that meets their needs. When NML is the best option I use it, when it isn't I write another company's policy. How many times do I need to say the same thing???
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Wow!

No, you are incorrect. The responsibility of a fiduciary is A legal obligation to always act in the best interest if the client. A fiduciary is held to the highest standard of duty and care. Courts view this relationship stringently. What you believe to be in the best interest of the client is irrelevant.

Otherwise, there would never be any negligence lawsuits.

"Well, your honor, I believed it was in the best interest of my client"

"I told him to just Google it, your honor"

Huh?

Jack Lenenberg
JD, Boston University School of Law

So which is acting in the best interest of the client? Me understanding their goals and their current situation and making appropriate recommendations, or me just putting a spreadsheet together of all the options like you do and saying good luck, hope you pick good!

Come on man, if you don't like NML that is one thing, but a spreadsheet with every option is not the way to sell insurance.

 

[ltcadviser]

you obviously haven't read the entire thread. I am not captive, I do show other options. I recommend nothing at the first meeting, all I do is gather information about the person and their situation and what their goals are. I go back and design a plan that meets their needs. When NML is the best option I use it, when it isn't I write another company's policy. How many times do I need to say the same thing???

Because you didn't say the same thing. You went a step further and used the "fiduciary" word. Bottom line is anytime a commission is involved you would be hard pressed to ever state you are acting in a fiduciary manner with your clients. Commission = conflict of interest. Res ipsa loquitar.

 

[ikeman07]

Jack Lenenberg
JD, Boston University School of Law

was th JD part supposed to impress me?

I have my 7, 66, CLU, ChFC, & CFP....I think I understand fiduciary responsibility. While I have only been in the business for 7 years, and almost 3 with NML, I have never had a written or verbal complaint. I have only lost two clients in those 7 years. One due to financial troubles and a long unemployment, and one who died.

I believe that my clients are more well informed than most after the time that I spend with them up front and on an ongoing basis. Way more than someone who has an AGENT that just throws all the options on the table and says pick one.

So yes, I feel like all of my clients and files will stand up to any judge's scrutiny anytime.

Is this where I say "the defense rests?" I didn't go to law school, so I am not sure...