Tip #1: Be a Consummate Professional.
There is no short cut to professionalism. Do your homework and know what you’re recommending. Keep investing in your knowledge base by earning appropriate designations and attending professional development courses. Stay current on regulatory requirements.
Tip #2: Do Your Own Due Diligence.
Never delegate due diligence to any other person or company. Make sure to investigate the financial standing of all companies whose products you are selling. Plus, make sure all products and investment programs you offer are registered with the appropriate regulatory authority.
Tip #3: Stay In Your Expertise Area.
Only recommend products you fully understand and are licensed to sell. If you refer clients to other providers, make sure you can vouch for their competence and integrity.
Tip #4: Solicit Business Properly.
Make sure your solicitation materials are above board. You never want to misrepresent who you are, what you do, or what you sell. And if required to, have your insurance company and/or broker-dealer approve your solicitation materials.
Tip #5: Practice Full Disclosure.
Make sure to disclose all required information and be totally up front about your track record, business practices, and affiliated advisors and companies.
Tip #6: Do Thorough Fact-Finding
When you first meet the client, take time to fully understand the person’s situation. Uncover and document all relevant facts. Do a careful job of assessing risk tolerance. Then set appropriate expectations for future results.