EquiTrust to Begin Suitability-Verification Calls
In order to better serve you and your clients, EquiTrust will begin daily phone calls to randomly selected annuity applicants to "spot check" their purchase comprehension.
"Suitability-verification calls" are intended to enhance quality control and suitability-review practices by measuring the degree to which customers understand their annuity purchases. The phone-call program is an extension of our current practice to send Financial Needs Analysis confirmation letters to all annuity applicants which provide more in-depth verification of the suitability review.
Each suitability-verification call is intended to confirm the client's comprehension of a variety of annuity topics relating to the sale, such as:
• Type of product purchased
• Length of surrender penalty period
• Source of funds/liquidity provisions
• Changes in coverage resulting from the purchase
• Completion of a financial needs analysis in the sales process
In your sales process, please inform your clients that they may receive a suitability-verification phone call from EquiTrust. Call recipients who don't answer will be left voicemail messages explaining the purpose of the call, and will be asked to return the call. In order to avoid processing delays, clients should return calls at their earliest convenience.
For more information on the EquiTrust suitability-review process and proper use of the Financial Needs Analysis form, refer to the Annuity Suitability Agent User Guide. Click here. Information about suitability-verification calls is provided under "Suitability Calls," on page 3.
You care about your clients' best interests, and – similarly – as an EquiTrust agent, we care about yours. Well-informed customers help protect your professional interests over the long term.