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Coming In December...
We are currently in the beta-test phase for our cloud-based insurance income and asset protection planning software tool and app. The Software is intended for Financial Institutions offering annuities and life insurance for income planning and asset protection solutions. Advisors will utilize the platform to provide a system of supervision and oversight of impartial conduct standards and to help protect themselves against fiduciary risk and any related fiduciary liability arising from the requirements of the DOL Fiduciary Rule. In addition, it will provide a streamlined and uniform suitability submission process.
Unlike most financial planning tools, it is solely focused on insurance income and asset protection solutions. Its design gives Advisors the ability to develop a customized, high quality guaranteed income and/or asset protection strategy for each Client based on the personalized and key information provided by the Client.
Three Phase System
PHASE
1
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Identify objectives, goals, time horizon, risk tolerance, liquidity needs and financial experience.
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Quantify existing savings, at-risk assets, safe assets, essential expenses, future expenses, guaranteed income sources and variable income sources.
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Determine:
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Guaranteed Income Gap based on the difference between the Total Guaranteed Income and Total Essential and Lifestyle Expenses.
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Variable Income Gap based on the difference between Total Variable Income and Flexible Expenses.
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Total Income Gap i.e. the sum of Guaranteed Income Gap and Variable Income Gap.
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Asset Protection Percentage i.e. a formula based on their age and risk tolerance calculation.
OUTPUT: Consumer Initial Assessment Report
PHASE
2
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Advisors submit Assessment Report to Liberty Financial Resources to determine products that best meet the critical objectives, risk tolerance and time horizon of the customer and present the customer with a list of financial product alternatives.
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Advisor and Liberty Financial Resources will determine the final product recommendation(s) that best meet the customer's financial needs. At this phase an Advisor Recommendation Report may be required to be submitted to the Financial Institution responsible for overseeing the BIC Exemption or the 84-24 Exemption for FI approval PRIOR to completing an application.
OUTPUT: Advisor Recommendation Report
PHASE
3
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Financial Instition pre-determines the elements to be reported to the Consumer based on their carrier-specific fiduciary and suitability disclosure requirements.
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Advisor provides Client Assessment and Recommendation Report to client with product(s) recommendation, required disclosures, including BIC (if applicable) and takes application.
OUTPUT: Client Assessment & Recommendation Report
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