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20 More Quick Tips for Lowering Your E&O Risk in 2014
Good news: You can also lower your errors-and-omissions insurance risk by adopting ethical values and business practices. This article (Part 2) provides 20 more quick pointers for doing just that. Watch for more parts in the coming weeks. -
Avoid Fear-Based Selling to Reduce Buyer’s Remorse and Complaints
Many agents spread lies about Social Security, Medicare, or FDIC insurance in order to move prospects from CDs into annuities. -
Top 20 Ways to Lower Your E&O Risk in 2014
As a financial advisor, you’ve no doubt read a compliance manual or three in your time. These documents are typically rule-driven, which means they can be long and dense to work with. The good news: You can also lower your errors-and-omissions insurance risk by adopting ethical values and business practices.... -
Don’t Let Bad Bosses Create E&O Nightmares, Part 2
“Gray hat” bosses, i.e., people who may not ask you to break the law or do anything grossly unethical, but who urge you to bend the rules? Yes, “gray hatters” can be challenging. -
Don’t Let Bad Bosses Create E&O Nightmares, Part 1
All bosses either wear white hats (play totally by the book), black hats (burn the book if it impedes sales), or gray hats (read only those pages that fit their purposes). -
Unethical Competitors: Time to Remove the E&O Threat?
Is it time to blow the whistle? Perhaps, but don’t do so without thinking through the consequences. One is potentially attracting regulator scrutiny by stepping forward. Such is our distrust of government institutions these days that many people would rather ignore wrongdoing than risk making themselves known to authorities. -
Partner with Care: Avoid Weak Links to Prevent E&O Lawsuits
One of the best ways to avoid e&o lawsuits is to protect your business by being selective in who you partner with. A recent Congress hearing give examples of how to avoid the weakest partner organizations. -
Do Your Due Diligence When Buying E&O Insurance from Your BD, RIA, or FMO
Deciding which broker-dealer (BD), financial marketing organization (FMO), or registered investment advisor (RIA) with whom to affiliate is never a trivial matter. Typically, financial advisors and insurance agents choose to contract with those organizations that provide the optimal mix of payout, product choice, marketing support, technology prowess, sales/marketing assistance, and... -
When Advisors Churn, Clients Burn (and Sue)
Have you ever replaced your smartphone before you really needed to? Then you fell victim to the high-tech equivalent of churning. Churning in this context is perfectly legal, and brand marketers like Apple and Samsung depend on it. Churning exists in financial services, too. It occurs when an advisor sells... -
Safe Service: How to Build Customer Satisfaction (and Prevent Lawsuits)
Once they’ve closed a deal with a client, too many financial professionals will “kick the can” when it comes to providing service. They not only fail to stay in touch, but they also ignore key privacy and data security guidelines. As mentioned in our last three articles (Safe Solicitation, Safe...