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How the Best Practice Standards for Life Insurance are a Competitive Advantage

Monday, May 12, 2014

The conscientious adviser applies best practice standards as good steward of their client’s financial concerns. These standards integrate well-established Prudent Investor principles into an adviser check list that objectively establishes policy strengths and deficiencies.  It is a highly desired service among gatekeepers of the most sought-after clients who seek to quantify product evaluations within the framework of accepted due diligence procedures.  Nationally recognized product due diligence expert Barry Flagg, CFP, CLU, ChFC is interviewed by Steve Savant, syndicated financial columnist and talk show host featuring The Product Due Diligence Series on Let’s Get Down to Business.

Your pool of referral sources increases exponentially when you can speak their vocabulary instead of requiring they speak yours. As Steve Savant mentions in this video that "from one carrier to another their product nomenclature used...what things are titled and what we called riders...everyone is all over the board. It is not just standardization on this level, but Veralytic talks about Best Practice Standardizations and why it is so important and why it could impact your practice." The Best Practice Standards for life insurance is consistent with the standards already exists for every other asset on their balance sheet. It takes the prudent investor nomenclature already adopted and near and dear to wealth managers, RIAs, Tax attorneys, trust officers and now there are standards on how to apply those same principles to life insurance. All six steps would not be unusal to anybody, they would be familiar to the CPA, Tax Attorney, wealth managers, trust officer and if you use those six steps (in which Veralytic would be used in step 5) than you are speaking their language and have a better chance of getting those referrals. Veralytic research is simply the fastest, easiest, and most cost-effective way to measure the pricing and performance of any permanent life insurance product against peer-group alternatives as they relate to your (client’s) planning objectives.

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re: How the Best Practice Standards for Life Insurance are a Competitive Advantage

Tuesday, May 13, 2014 Fred Hoheim c/o NAIFA

What happened to the Provident Mutual life Ins. Co.?


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