In the property-casualty insurance business, the focus is on acquiring new customers through effective marketing and sales. No doubt these tasks are important. But equally important are efforts not to lose prospects once they are in the new-business pipeline.
Social Security planning experts have also begun to use the “F” and “L” words—i.e., “fiduciary” and “liability.” They suggest advisors may have a fiduciary obligation to provide Social Security planning in order to select a claiming strategy that produces an optimal payout. If you don’t do this, they add, you may be facing a legal liability years down the road when a clients find out how much money they left on the table.
An insurance broker in Louisiana is being sued by a widow who claims her husband was not properly notified when it was time to renew his policy, which ended up lapsing before his death.
This real-life case, reported in the Oct. 8, 2015 Louisiana Record, brings up a fundamental question about whether or not the agent bears responsibility to make sure a client is made aware when a policy is in danger of lapsing.
f you or people you hire engage in cold calling to generate leads and set appointments, are you doing a good job of making sure approved procedures are continually being followed? If not, you risk running afoul of state or federal Do-Not-Call laws.
If you are genuinely interested in building your business through your online presence, there are a number of steps you need to take. Some are pretty basic and straightforward while others are a little deeper.
Have you ever gotten a positive response to your proposed solution (and the company that offers it) only to have your prospect insist on checking out your recommendation on the Internet? What do you do?
Welcome to the strange new world of online shaming . . . where no misdeed goes unpunished, forgiveness is a dirty word, and measured response is an antiquated concept. And it’s a world that can be especially dangerous to financial advisors whose mistakes, imagined or real, can motivate clients to wage online vendettas.