The Baby Boomer Dilemma Movie

[Allen Trent]

I use Word and Excel to create those plans

Unless you have submitted these items to the carriers, they are non compliant. Whether they do anything about it or not is a different story & up to them.

This is why illustrations are so long today. They not only have to have all the disclosures & disclaimers & worst case & projected, but they also now include many optional tools like IRR & other items that agents asked for or were using spreadsheets with wrong or outdated math.

I am old school & prefer simpler concepts or excel, but carrier documents have gotten long & legalise for a reason. In the agent independent space, the carrier can wash their hands in court of the misrepresentation accusation & leave the agent to hope their E&O covers it

 

[DHK]

Unless you have submitted these items to the carriers, they are non compliant. Whether they do anything about it or not is a different story & up to them.

Unfortunately non-compliant and inaccurate/misrepresentation... are two different things these days. And I won't let some overbearing "compliance" requirement get in the way of doing quality business.

It's not their business. It's the advisor and client's business. Planning is the art and science of mixing products together. My job is to represent the products accurately and exactly as they are designed.

I'm selling the plan and what the plan can do for the client. I'm the mind behind the plan... not the company. That's exactly why I'm (primarily) an independent agent.

If the company gets a complaint of any kind on any case I do, I'll submit them and let them see that I represented their product accurately within the case design. Until then, it's not their business.

Look at ALL the planning tools out there. By that definition, NONE of them are "compliant". But I don't work FOR these companies. They work for ME.

Carrier documents and illustrations are to protect the insurance company. Most of them are disclosures that index names are respected copyrights of their respected owners and lots of "disclosures" like that. They're insane.

What documents are there to protect the client - to help ensure that they are getting a product mix and strategies that are for THEIR benefit? Unless and until the companies create this (and I wouldn't use it either), it's up to the agent/advisor to do this. After all, it's what we are primarily compensated for.


My disclosures on my documents include the following:
Disclaimer: Material discussed in this report is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice. Numbers used in this report are NOT Guaranteed and are subject to change. Any alternatives proposed for current securities holdings are made as an alternative recommendation and a reflection of the general nature of securities, not as a recommendation, judgment, or any evaluation of risk in the current portfolio. Alternatives to Securities recommendations are made based on the features and benefits of the new recommendation and not based on any analysis of the securities themselves.

As long as my plans do not cause a surrender charge to be incurred to carry them out, and as long as I didn't promise anything more than what the illustrations say... they're fine.

 

[Allen Trent]

Ironic we were posting about this. As I signed on to Minnesota Life illustration software, it forced me to review this annual notice, so I cant claim ignorance later that I am held to it or that i misunderstand the references on the life app or the selling agreement. And no, this isnt directed at Securities as I am no longer registered, I am sure it is to be inclusive of the topic & the registered reps would have even more strict pre-approval of each item by the securities compliance officer

Just proof that every time we use their illlustrations, materials or submit an app, we are agreeing to these terms