Responsibility of Agents

Financial Independence Group (FIG) is proud of our licensed agents and we are committed to continuing to provide leading products and services.  We are also dedicated to compliance and operating an ethically sound business. 

In order to foster a compliant culture, we expect our agents to adhere to the following guidelines:

• Comply with all state laws and regulations.  Agents are advised to check with their state’s Department of Insurance routinely to stay abreast of state laws.
• Follow all suitability requirements and complete all suitability paperwork required by carriers.
• When determining suitability of a product, be familiar with the client’s overall financial situation.  Suitability information to be aware of includes: age, monthly and annual income and expenses, disposable income, investment experience and objectives, intended use of the policy, time horizon, existing assets, liquidity needs, liquid assets, liquid net worth, source of funding, risk tolerance, tax status, costs and benefits of any replaced financial product, surrender charges or any other penalties or costs imposed, current or anticipated changes to living circumstances, and any other information the insurer requires the insurance producer to consider prior to making a recommendation.  
• Submit all advertising materials to carriers for compliance approval.  This includes, but is not limited to: newspaper ads, radio ads, television commercials, websites, direct mailers, and seminar materials (including a script, handouts/other visuals used with attendees, and invitations).  Agents should refer to each carrier for specific guidelines regarding advertising use.
• Be familiar with current features of any product being sold (including death benefits, lifetime payouts, rider benefits, crediting methods, etc.) via continuing education and other training programs provided by carriers.
• Avoid providing unauthorized law, investment, and tax advice.
• Maintain orderly and detailed client files.
• Be familiar with the USA PATRIOT Act and abide by privacy policies of carriers as well as privacy wishes of clients.
• Exercise caution when replacing insurance policies.  Agents should be aware of the increased regulatory scrutiny placed on replacements of policies.  A detailed summary should be maintained in the client file to evidence the reason for the replacement and how it is in the best interest of the client.
• Avoid using professional designations or descriptions that misrepresent or exaggerate the agent’s expertise.  For example, if an agent is an insurance licensed professional and does not hold a securities license, titles such as “financial advisor”, “financial planner”, and “investment advisor” should be avoided.  Agents should consult with each carrier for a list of acceptable and unacceptable professional titles and/or designations.
• Stay abreast of carriers’ anti-money laundering policies and things to look for to detect fraudulent activity.
• Maintain the required level of Errors and Omissions insurance coverage.
• Comply with national, state, and local Telecom laws.
• Treat competition fairly. At FIG, we do not endorse obtaining a sale by the use of deceptive or unfair marketing practices.

At FIG we make high ethical standards a priority.  Our reputation within the insurance industry and the agents that represent us have been vital to our success and will continue to be the cornerstone of our business for many years to come.