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  1. Be Safe, Not Sorry: Your E&O Documentation Checklist

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    Full documentation of your insurance or financial-services cases is your best E&O prevention strategy. But like getting quarterly dental cleanings or an oil change every 3,000 miles, it’s easy to get lax about this crucial business task. This EOforLess checklist will remind you of the documentation basics that may keep...
  2. The Butterfly Effect: How Bad Partners Can Crash Your Firm

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    Reputation is as delicate as a butterfly’s wings. It follows that a small event distantly related to your business can have a huge impact on your reputation and even create errors-and-omissions insurance problems. You may recognize this as the “butterfly effect”—named after the possibility that a butterfly flapping its wings...
  3. Retirement Seminars: Summit Path or Slippery Slope, Part 3?

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    In prior articles we dealt with “The Prosperity Foundation” (not its real name), which claims to have developed a non-profit retirement-education initiative, including a seminar delivered by university instructors. Despite its “academic” garb, the program is actually a pre-retiree lead-generation seminar, developed by an FMO and delivered by advisors, not...
  4. Retirement Seminars: Summit Path or Slippery Slope, Part 2?

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    “The Prosperity Foundation” (not its real name) claims to offer a non-profit retirement-education seminar, delivered by university instructors. As I explained last month, TPF’s marketing brochure initially impressed my NEA colleague. But his research revealed TPF’s creator to be an FMO and its “instructors” to be financial advisors. Although the...
  5. The Four Temptations of a Financial Advisor

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    Even the best-intentioned financial advisor can fall prey to the temptations of unethical conduct. How? By giving in to these four seductive pressures. 1. Living beyond your means.  You go for the big house, pricey toys, and exotic vacations. You wind up with a huge mortgage and a mountain of...
  6. Good Business: 20 Final Tips for Lowering Your E&O Risk

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    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....
  7. Retirement Seminars: Summit Path or Slippery Slope, Part 1?

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    Prospects usually hate to be “sold.” But they love to be taught. That’s why seminars remain a staple of advisor marketing plans. By sharing helpful insights, tools, and processes, advisors build good will, credibility, and motivation for prospects to book an appointment. But here’s the problem. Putting together a content-rich,...
  8. THE TRUTH: The Ultimate Standard for Preventing Client Problems (Part 1)

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    The truth is becoming a rare commodity in business these days. In fact, misrepresentation and fraud in financial services is a symptom of a larger pattern of deceit in every corner of American life. Consider these facts: Forty percent of Americans think it’s OK to lie (Ipsos survey, 2006). People...

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