With the growing attention on industry regulation and compliance, improving our culture of compliance and helping you maintain strong sales suitability documentation is a top priority. Part of this commitment includes launching tools and templates that make it easier for you to meet your compliance obligations.
Your client files should demonstrate how the products you sold meet each client’s needs. Depending on the type of sales, this includes:
- Facts gathered
- Needs identified
- Client’s risk tolerance
- Options discussed
- Recommendations/notes
To help you ensure these elements are documented and included in your client files, two easy-to-use templates are now available:
- Segregated Funds sales suitability template
- Life insurance sales suitability template
These templates, offered by Canada Life, are a great option for less complex sales situations. Whatever tools you choose to use, demonstration of sales suitability must be included in the client file.
Strong documentation is a key pillar of a compliant practice. Keeping complete and accurate client files not only helps you meet regulatory requirements, it also facilitates ongoing client service and strengthens the value of your practice.
Remember,
Good Business is Compliant and Compliance Matters!