Life & Annuity Audit-Pro ©

Many financial advisors are discovering high client satisfaction through the integration of professional methods and analytical tools that objectively assess a client’s life insurance and annuity needs. The Life and Annuity Audit-Pro© system (LAAP) is an advanced policy inventory method that offers the financial advisor a leadership advantage among their peers.

To properly prepare for analysis of a client’s present position and future needs, information must be gathered and organized in a manner that is both systematic and comprehensive. LAAP offers a unique solution by setting the stage for successful client need analysis.

How does LAAP work?

  1. LAAP identifies the specific information a financial planner is to obtain from the client. Three levels of fact finding help to minimize the frequently cumbersome process of information gathering.
  2. LAAP utilizes a simple user-friendly interface in an easy to populate .pdf format.
  3. LAAP provides a concise, understandable summary presentation of existing policies.
  4. LAAP assists the financial advisor in assessing whether present policies support the client’s objectives.
  5. LAAP presents “red flag” issues. The financial advisor provides a commentary on the strengths, weaknesses, and problematic issues for the client’s consideration. The client is given a list of potential steps of action. The financial advisor is then in a position to offer additional services, if needed, to address problems.
  6. LAAP’s summary analysis includes a declaration of action or, declaration of non-action and hold harmless statement. This statement is signed by the client after presentation of the summary. The executed client statement helps provide the advisor protection against future challenges related to fiduciary oversight.
  7. Summary overview and commentary can be provided by Comprehensive Analytics / Fee Advisors Network.

What kind of information does LAAP provide for discussion of problematic issues?

LAAP helps to answer questions, such as:

  • Are the policy styles in harmony with current desires?
  • Which policies have to be monitored and which do not?
  • Have those policies been monitored annually?
  • Are there cost efficient alternatives?
  • Should a policy be taken to the secondary (Life Settlement) market?
  • Is there a strategy that can leverage capital more efficiently?
  • Are maturity dates problematic?
  • Are there linkage problems to the planning strategy?

What benefits are derived by using LAAP?

  • Enhanced relationship with the client.
  • Reduces potential competitors.
  • Discovery of new information about the client’s assets and goals.
  • Increased fee-revenue and assets under management through the discovery process.
  • Increased fee-revenue through joint participation with Comprehensive Analytics / Fee Advisors Network for analysis and/or implementation of the necessary changes (for life and annuity).

What is the cost of LAAP?

The LAAP is proprietary material exclusively for use by members of the Fee Advisors Network and is included with their membership.

For more information on the Life & Annuity Audit-Pro© system, Contact Us or call (248) 250-6830.