5 Ways to Be a Financial Super Hero

I recently had the opportunity to meet with a gentleman who had the net worth, desire, and liquidity to purchase a fixed index annuity with an income rider. He wanted guaranteed lifetime income for himself, and it seemed like he had all his ducks in a row.

We spent 30 minutes filling out the application, and when the time came to verify his identity using his driver’s license, he started to give excuses as to why he was not able to provide it. This was a red flag and prompted us to end the application process.

As a licensed annuity specialist, I have to abide by stringent rules to avoid anything that would indicate money-laundering tactics. One of the requirements to be approved for a life insurance policy or annuity contract in the United States is for the consumer to be able to properly identify themselves as well as the source of the funds.

As a financial professional, we need to be looking for signs that there is something amiss while filling out an application.

When large commissions are on the line, it can be easy to push an application through without doing our due diligence with our clients.

This can be something that leads to personal liability later on if the agent is found negligent in his or her duties as a licensed agent.

Whether or not this individual was trying to laundry funds is still unknown to me, but when it comes to being a professional, I am committed to best practices.