| Ethics: Professional Fundamentals | |||
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Client-Centered Focus Diligent Behavior Diligence includes some aspects that might not be as obvious as the first part of our story. There are subtleties encompassed within the working definition of diligence pertaining to your perspective as well as your client's viewpoint. Producers may run into a circumstance where a potential client has a situation that they feel warrants our services based on their perception of what it is that we do. In the initial relationship building and preliminary fact-finding session, the agent finds that the relationship is really not warranted. The agent finds that the solution to the potential client's current needs and budget is not the best use of his or her service levels and not to his or her advantage financially from a cost benefit perspective. In this case, the agent's diligence on behalf of the client means directing them to an appropriate service provider- an agent who more often handles the kind of service in need. On the opposite end of this spectrum, one may have a situation where the agent does not have the ability to give the client the level of competence and service that their needs dictate. Diligence here requires the provider to evaluate the situation and involve others who can meet the level of needs for this client. Diligence requires the provider to also develop, analyze, present, and implement only those recommendations that make sense to and for the client. The suitability issue is one of the most important factors that one needs to pay utmost attention to for the benefit of those for whom producers provide services. The future, as it unfolds, has a way of looking backward to see where any negative consequences were initiated. It can be a few months or decades into the future where any known unsuitability issues can rear their ugly head. There is no "statute of limitations" period for responsibility for misguided or intentional implementations that can be found to have been unsuitable at the time of the original planning recommendations. Planning Process Diligence Diligence applies to making sure every provider has made reasonable investigation and analysis of alternatives available in the marketplace when it comes to the recommendations they make on financial products to meet the requirements prescribed from the planning process. If an agent has not personally made the complete evaluation process in the area, it can be satisfied by using other professionals that have done so to the level of comprehensiveness required and expected by the agent's standards and requirements to meet the reliability threshold and the client best interests. Each provider's employer should know about the provider's personal code of ethics as well as his or her commitment and obligation to adhere to them in practice and in spirit. It is important so that all are on the same page; especially in terms of the agent's expectation for his or her employer to mirror the level of ethical conduct that he or she is holding his or herself accountable. Diligent Staff A provider's staff is key in supporting the logistics of the practice and service support to the client, although many times they are not involved formally or fully in the awareness of the agent's ethic standards commitment and in the specific nature of each component. They are your personal assistants and other support employees that you directly compensate or are provided to you if you work in a firm. It is invaluable for you to make sure you are paying attention to them in providing guidance, guidelines, and grounding in your ethical preference in all your activities as well as theirs. Having an ethics session at least once a year will go a long way in their support and backing by making sure all things done for you have had an additional ethics filter through their process along with yours. Most people have increased loyalty and appreciation for their employer and for the place they work when they know ethics are important by actions in addition to words. They can also be more assured that they will be dealt with ethically when you and your firm are grounded in ethical client-centered fundamentals. It's the culture for which most quality people strive to attain and maintain- long-term. |
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Not only are policy forms, clauses, rules and court decisions constantly changing, but forms vary from company to company and state to state. This material is intended as a general guideline and might not apply to a specific situation. The authors, LunchTimeCE, Inc., CEfreedom, and InsuranceEthics101.com, and any organization for whom this course is administered will have neither liability nor responsibility to any person or entity with respect to any loss or damage alleged to be caused directly or indirectly as a result of information contained in this course.
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