Suitability

[bill3173]

Are there any annuity carriers out there that are notably slack on suitability? I've only dealt with a handful in the past, but as I've taken on more cases I'm open to suggestions.

Anybody out there that will approve just about anything?

 

[Indy007]

This is a losing proposition. For your business AND your clients. Disclose everything, and CYA, that way if ever something came up you'd be (hopefully) in the clear.

I'm curious as to what the circumstances are that your asking? Mind sharing? Might not be an issue.

 

[bill3173]

This is a losing proposition. For your business AND your clients. Disclose everything, and CYA, that way if ever something came up you'd be (hopefully) in the clear.

I'm curious as to what the circumstances are that your asking? Mind sharing? Might not be an issue.

Too complex to disclose here. It would be in her best interest to replace her current annuity, but it will take someone that really understands what they're looking at, to approve it. I got a yes, then a no, but not for a good reason.

The worse part is she's already thanked me for helping her out on it, and has another one she wants to replace as well, but I have to get over this hurdle first.

Some of the suitability stuff is ridiculous. I may PM you the details.

 

[Mattschmidt]

Too complex to disclose here. It would be in her best interest to replace her current annuity, but it will take someone that really understands what they're looking at, to approve it. I got a yes, then a no, but not for a good reason.

The worse part is she's already thanked me for helping her out on it, and has another one she wants to replace as well, but I have to get over this hurdle first.

Some of the suitability stuff is ridiculous. I may PM you the details.

Your IMO should be able to assist you with the suitability forms, and assist you with the written portion of it. Obviously, the way you word things, and the case you build will not only push the case thru quicker, but like others have said, it will CYA

 

[DHK]

You need a 'switch' letter. A switch letter is where you identify the product being moved from - including all current surrender charges and other terms/benefits. Then you outline where the funds are being moved TO - including new surrender charge schedule, terms & other benefits.

Include a short explanation as to why this is in the client's best interest and have the client sign it, along with you.

If that isn't going to work, better contact the advanced case design department of the carrier and ask them.

Otherwise, if you can't document it, don't do it.