Streamlining our Letter of Authority system
Sorry this got a bit long!!
We are trying to streamline our Letter of Authority system, and wondered how other practices do things?
This is our current system:
1. The advisor comes back from the client meeting with photos of the client’s existing policies.
2. We go through these to extract the policy information.
3. We prepare an LOA to each of the providers.
4. We post the LOAs with a covering letter to the client for signing.
5. These are then returned to us in the prepaid envelope
6. We post / email the LOAs to the providers
We have tried using the Unipass ULoA system to reduce the amount of signatures that we need to collect, but this has been hit and miss with providers sometimes accepting/not accepting the ULoA, and very inconsistently.
Likewise we could use DocuSign, but some providers do accept it and some don't so we tend to go for the wet signature option to keep things simple.
I spoke to an advisor in a different practice yesterday who does things differently. It seems a more efficient and quicker process, but still flawed.
1. In the first meeting they get the client to list all the policy details on one sheet
2. The client signs that sheet to authorise releasing the information.
3. They then send a copy of that sheet to all the providers.
But I’m not sure how you would redact all of the other plan information on the sheet so that you’re not sharing it with the other providers.
So what do other people do?