All Brokers should maintain sufficient information in Client Files to demonstrate the appropriateness of any sale or any advice given. It is extremely important that you retain all material information that was utilized in the sales process as well as the maintenance or servicing of a policy/contract. Accurate and secure records will help to:

• Demonstrate that you fulfilled your duty of care
• Avoid any possible breach of client’s privacy and confidentiality
• Defend against allegations of misconduct
• Provide ongoing service to clients

Add value to your business and your relationship with the client.

Maintaining quality client files will help to clearly indicate how your recommendations met the client needs and mitigate any conflicts of interest that may arise from the sale of an insurance product. At minimum, a well-documented Client File will include the following:  

• Consent to collect and retain personal information,
• Know your client worksheets
• Personal and any product specific disclosure documents
• Evidence of needs analysis
• Copies of illustrations (signed by client where appropriate)
• Notes of client meetings

We encourage you to refer to HUBLINK for assistance in creating your own personalized document package you may incorporate in your sales process. 

Records include all stored information including physical or electronic documents.