School is starting again, have you learned your lessons yet? Let’s first reflect back to last year when we launched our new name Veralytic along with 3 questions to ask about EVERY policy review and discovered the difference between Butchers and Dietitians. There was some summer reading of whether estate planning attorneys have a duty to advise their clients regarding TOLI and finally everyone should know or will learn about the “Last, Largest, Most Neglected Asset on Client’s Balance Sheets.”
Lesson One - Pop Quiz: The launching of the new Veralytic name came with a pop quiz consisting of 3 questions you should ask of any policy review service. Click Here to see if you could pass this quiz.
Lesson Two - Video Vocabulary: Learn about the battle is being waged in Washington over the meaning of the words “client’s best interest”. On one side are the financial advisors (i.e., advice-givers) who commit to putting their clients’ interests ahead of their own and can be held accountable for negative results when they don’t. On the other side are the brokers (i.e., inventory-movers) who give clients reason to believe they put clients’ interest first, but are fighting vigorously against being held accountable for negative results when they don’t. Look for a video vocabulary test on the words “Financial Advisor” or “Financial Consultant” and “independent”, “objective” and “clients’ best interest”. These words can and do have much different meaning to the client depending on who is saying it. Click Here to see video.
Lesson Three – Summer Reading: Did you finish your summer reading? When an attorney represents a client with respect to the client’s estate plan, the attorney owes that client certain duties and contractual obligations. These duties and obligations constitute the basis of the attorney’s liability in tort, fiduciary, and contract law. That liability is imposed when the attorney fails to render advice or renders incorrect or inadequate advice that results in damage to the client, be it the settlor or the trustee. Liability may also extend to the settlor’s intended beneficiaries. Click Here to finish your summer reading.
Lesson Four – Substitute Teacher: The founder and inventor of Veralytic can often be found speaking to groups of large members or giving private briefings across the country on life insurance as an integral component of the business continuation and estate plans of your clients. However, it is often the last, largest and most-neglected asset on their balance sheets and in their estates where few clients know what they are actually being charged. Costs inside their life insurance policies vary by as much as 80% and if you don’t know what is being charged, then your good planning can be at the mercy of a bad product. Click Here if you want to schedule a private briefing or need an expert speaker for your organization. You can even earn class credit (CFP CE Credit)!
All these lessons show that in this changing environment you should keep current with your school work above and it can help give you a jump on your classmates.
Veralytic is simply the fastest, easiest, and most comprehensive and cost-effective way to independently verify to clients and their advisors whether or not the pricing and performance of existing or proposed life insurance is in their best interest. Only Veralytic is accepted for independent client representation, endorsed by the New York Bankers Association (NYBA) and compliant with industry regulations and established case law.
Use the Veralytic Reports to determine the appropriateness of pricing, the reasonableness of performance expectations for invested assets underlying policy cash values, and overall suitability for your (client’s) policies based on the 5 factors of suitability. Click here and get up to 3 Veralytic research reports under our NO-Risk trial subscription.