No one wants to go back to their client for more information.
By submitting clean business, we can also get you paid faster.
Not all paperwork is completed equal. We’d like to tell you red tape doesn’t matter, but it does — and it can make the difference between being paid after 20 days (our average) as opposed to being paid after three months.
Here are our best practices to help you get paid faster.
1. Applications by FireLight
On average, applications submitted through FireLight are 98 percent “In Good Order.” Recently one of our carriers issued a FireLight contract in just over 90 seconds — suitability approved, funds cleared, application printed and commission paid! Ultimately, this is the best way to get paid quickly — FireLight won’t let you skip fields, and it ensures all your “i’s” are dotted and your “t’s” are crossed.
If you’re not using FireLight, be sure all of the questions on the forms are fully completed, even if you have to put a zero or a “N/A.” Don’t leave anything blank.
2. Replacement information
Make sure replacement information (on the application, suitability, transfer, and replacement forms) is consistent. If we receive paperwork that’s not consistent, it could require several corrections or multiple form updates. We realize the more you must go back to a client the percentage of a successful sale drops dramatically.
When you’re completing the suitability forms, double-check your math. Please ensure the totals are correct.
By the same token, read the questions all the way through to make sure you’re giving accurate answers. More and more carriers are beginning to request statements when going through their suitability reviews, to be on the safe side it is beneficial to always provide account statements with every application. You might need to supply a letter of instruction as well, in some circumstances. It is imperative the comparison worksheet, replacement and/or suitability form numbers all match the replaced contract statement.
Don’t hesitate to place a call to the transfer company with the client on the phone to determine what will be needed to move forward. This usually speeds up the process.
Three questions that are beneficial to ask are:
- Do you accept copies, if so can they be faxed?
- Do you accept third party paperwork?
- Do you require signature guarantees and a letter of acceptance?
You’ll need a copy of the client statement for every transfer company, this is the largest “not in good order” item we encounter when making transfer calls. Far too often an application will be in good order, suitability approved at the carrier, just pending funds and the transfer company will require new original paperwork. We want to make sure we are doing everything we can do to avoid these situations.
Keep in mind very few companies accept e-signatures. You’ll need to send in a wet signature of the original and mail directly to CreativeOne for the transfer paperwork.
5. Back to basics
Again, it might seem elementary, but it’s not: if you’re handwriting out the forms, make sure your handwriting is legible. Never leave a question blank. If it’s not applicable, write “N/A” — don’t leave it blank.
If you have any questions, contact CreativeOne today! We’re here to help you get paid faster.
FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. CP-1021 – 2017/11/21