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Use Compliance as a Competitive Advantage

Wednesday, October 17, 2012

Veralytic spoke recently at the Financial Planning Association Annual Conference in San Antonio, announcing that Veralytic is now available on the Practitioners Resource Guide.  An interesting statement overheard at the conference was “Being a true professional requires one to be a couple of steps ahead of the regulation.”  Staying in compliance is hard enough, but with new changes politically and economically it is harder than ever to try to anticipate what the next regulation hurdle will be thrown at you.

Don’t just stay ahead of the regulation; use compliance as a competitive advantage. Not all regulations are valid to all clients but they exist to protect clients. When you can show that you are more compliant then the next advisor then you have that competitive advantage. Make the regulation irrelevant because you already have the Veralytic research for measuring policy charges and performance and supports that the life insurance is competitive and suitable. Having this documentation can help protect you against a potential customer complaints and/or UPIA challenges.

Veralytic goes beyond simply comparing illustrations of hypothetical policy values that can be considered “misleading” and “inappropriate” by both financial and insurance industry authorities. The Veralytic Research consists of several measures of policy suitability in an easy-to-read graphical overview, summarized by a simple star rating system that measures against five different categories of policy performance. The validity and utility of the research has been recognized by national industry publications as well as regulatory and oversight agencies.

“Life insurance is an integral component of financial planning, yet it is often the last, largest and most neglected asset in their financial plans” said Barry D. Flagg, CFP®,CLU, ChFC - Veralytic’s Founder/Inventor and President.  “Veralytic helps planners reduce costs and risk, improve consistency and document due diligence processes against possible lawsuits and regulatory requirements,” adds Flagg, “we are excited to bring Veralytic research to FPA members so they can now manage life insurance as an asset like any other.”

“The FPA has always advocated for a ‘clients’ first’ approach to the delivery of financial services, and Veralytic is a natural fit for our members,” says Paul Auslander, CFP, and 2012 President of the FPA, “Our financial planners now have access to a quality, independent service to integrate life insurance into their financial plans to advance the fiduciary duty holistically and now deliver on a daily basis.”

Clients hire you for your knowledge and professionalism and trust that you will go beyond what the average financial planner will do for them. Fulfill that expectation with Veralytic research. When you add Veralytic research to the overall financial plan and tell the client exactly where their life insurance fits into their financial plan and manage life insurance just like any other asset, they can have greater confidence that they are in the right hands.

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. 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.

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