If it was not Documented, it Didn’t Happen!
If it was not Documented, it Didn’t Happen!09.10.2014
For Registered Representatives, documentation is key to loss
prevention. Read on to find out why:
Claim Scenario: The client and the advisor met to discuss their current financial plan. Based on the client’s investment needs and objectives, the advisor replaced an annuity with another annuity. The client later alleged that the advisor sold them an annuity that he did not need or want. Although the advisor adamantly denied these allegations, he failed to have any record of their conversation or contemporaneous file notes that outlined what was discussed with the client. As a result, the claim was resolved by surrendering the annuity and waiving any surrender charges.
Estimated Claim Cost: $15,000