Most agents and advisors know the NAIC’s best interest model will change the face of annuity sales forever.
Modeled on the Security and Exchange Commission’s Regulation Best Interest, the National Association of Insurance Commissioners’ (NAIC) ruling will force anyone selling annuities to prove through meticulous documentation that the selected product is the best possible option for a client.
It’s a ruling that has many agents in the market on edge, nervous about making the wrong decision — or not having the proper documentation to back up their recommendation. It’s a ruling that Nick Randall, life and annuity marketing director for Western Marketing, believes his company has the perfect solution for.
That’s no surprise, considering Western Marketing’s staunch reputation for agent and advisor support. As a 100% holistic insurance marketing organization (IMO), the company knows the importance and value created when a workforce — whether someone is a health broker, life agent or financial advisor —is equipped with state-of-the-art tools and the industry’s best sales strategies.
It’s how Western Marketing reliably turns even rookie agents into multimillion-dollar producers in a matter of months. Live support doesn’t mean just an actual person always will answer the phone — the company remains on the cutting edge of technology that makes the day-to-day lives of those in the field as easy as possible.
When it comes to the NAIC’s best interest model, it’s no different.
The famous family-owned IMO has already armed their agents and advisors in the field with the ultimate marketing and sales platform to ensure everyone working with Western Marketing remains 100% compliant.
The platform is called AdviseRight. And if your computer doesn’t currently run this platform and you currently are or plan to sell annuities, you owe it to yourself to give it a thorough evaluation.
More than a platform with customer relationship management features and way more advanced than the industry’s average “product selection tool,” AdviseRight is a 100% self-contained, end-to-end sales platform that takes the fear away from anyone selling annuities and replaces it with confidence in compliance.
Being a purely self-contained platform, AdviseRight ensures that every part of the sales process is automatically documented and easily audited, helping advisors effortlessly defend their product recommendations and stay ahead of any coming regulations.
It starts with a presales component that, among other things, includes a detailed needs and risk assessment that helps suggest, based on a suitability score, best-fit products for clients.
Straight from the platform, advisors can run illustrations and comparisons for selected products, which then lead directly into an electronic application that is submitted directly to the insurance carrier.
“The goal was to create a seamless technology for advisors with easy-to-understand point-and-click features, including business tracking. And it’s foolproof because it will not allow you to advance to the next step until all of the information is filled out correctly,” Nick pointed out.
What’s even more impressive is that because it is so easy to use and compliant, AdviseRight — which is already receiving rave reviews from advisors using it — is the easy way for insurance professionals interested in selling annuities to get started. Many brokers working in Medicare or at other health-based agencies are starting to realize the potential for annuity sales in their existing book of business and are now able to capitalize on these opportunities with the greatest of ease.