It’s that time of year to clean up your files and get ready for a new year!
Here is a list of things you may need to address:
- Send Wealth Watch Partners a copy of your E & O Insurance. Most agents’ E & O renews in December.
- Check to see if your AML needs to be done. If so, send us a copy.
- CE training courses are usually due on your birth month. Don’t wait until the last minute because CE training takes time!
- Delete old annuity applications off your computer. These forms change.
- Update your clients’ information with their annuities. Do an annual review. Make sure the beneficiaries are still current. If there was a divorce, be proactive to help your clients with the changes.
- Keep up with your clients’ RMD needs. If they forget to take this, they will have a large penalty. They were exempt in 2020 but not 2021.
- Some states (Arizona, Iowa, and Ohio) are adopting the model #275 annuity suitability and best interest standards. Most companies have revised their suitability forms for January 2021. It is very important that you maintain records of your clients and your recommendations for an annuity. You must show that their best interest was addressed with your annuity choice. You will need to do additional training when your state adopts this new regulation. For more information on this, click here.
- You always have to be current with product training with each company product that you write. You can not date an application until product training is met!
- Always fill out the complete application or better yet, do them online. Too many times, agents skip over questions when sending in a paper app.
Most of these recommendations are just common sense. Hope these reminders help! Let’s make 2021 a great year!
—Sharon McCauley, Annuity Specialist, Wealth Watch Partners