Leaving Jones
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Am I particularly worried that a client who may not have been offered LTC or a VA with an income rider on it will take me to arbitration? Not really. But this business at some level is about protecting your clients AND yourself. There are enough arbitration horror stories floating around out there to make me keep copious notes and make sure that I offer certain items. I’m not as much concerned about my clients suing me as I am their kids. I’ve dealt with enough of those folks sitting across the table from me to know that common sense gets thrown out the window when it comes to inheriting money. And if they think you’ve screwed up in your duties, some of them will want to get their inheritance from your pocket.
Now, if you're not insurance licensed, then you're off the hook for LTC or LI arbitration. You can't get sued for not offering something you can't sell anyway. 3rdyrp2 is correct that we've been told to make notes when we offer LTCi to clients and they deny. We've even got a new program that allows us to check off things in relation to our clients accounts when we offer and they deny. LTC is one of them. Jones has always been a little paranoid about compliance/arbitration so I guess it's just in my blood.[quote=3rdyrp2]
Client: "I’m not sure I need this right now. I don’t think I’ll need LTC at any point."Advisor: "Thats fine. Some people find it hard to grasp the fact that they aren’t Superman. This type of insurance isn’t something many people see value in until they actually NEED it. What I’ll have to do then is have you sign this release verifying that I provided you your options and if you need this at some point, I can’t be held liable."
Client: "Wait, I need to sign this? Is this typical?"
Advisor: "No, its not typical. Most clients that have a need for LTC understand the risk and decide to take action on this. I’d say about 1 out of every 10 clients I go over this with actually decide not to purchase the protection."
Client: “Man, if its something that serious, I guess I probably need it. Where do I sign?”
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You don’t mind if I use this?
[quote=cyaEDJ]Just to catch everyone up. I left Jones. Best decision I ever made. CYAJONES!
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Awesome, congratulations! Isn’t it nice to be in an office.