Client interests first: the adviser’s mantra

Demonstrating you put your client’s interest first – the importance of your documents and records

For insurance advisers, client documents and records are a key resource in the event they need to demonstrate that your clients’ interests were put first.

Strategi suggests you consider what records you hold and whether, for each client, you can demonstrate that:

  • You know your client and that your knowledge of their personal circumstances is up to date – you have verified the information they provided you with, no longer than 12 months ago?
  • You have reviewed their existing insurances against their current circumstances and ensured they have the correct types of cover and it is still appropriate, no longer than 12 months ago?
  • When you reviewed their insurances for suitability, you kept notes on any research you undertook (such as Quotemonster product comparisons) to make sure the actual product was still the best in the market for them?
  • In any situation where you recommended a change to an insurance product/product provider, you have sufficient records that you can justify your recommendation to change five years after the recommendation was made?
  • The client received all the information they needed in order to make an informed decision – from your disclosure statement, product statements and product research, to quote comparisons and sign-off documents?

Remember documents do not have to be paper-based – they can be created, sent to the client, returned by the client, and stored electronically. But they must be kept.

Contact us for a range of technology solutions to help streamline your advice processes and keep all the documents and records you need to prove you put your clients’ interests first always.