How do you put customers interests first? Strategi has this guide for AFAs, based on compliance with current Code Standards. Taking a ground up approach to demonstrating how you put clients first in your business may be a great way to conduct a thorough review of your systems and processes. Here is an imagined process for insurance advisers looking to meet the requirements for Client First:
Vision: what represents a good outcome for the client in your process? How might you test that with clients? How do you know that is working for them? How does your service compare with other similar services? What evidence can you find to support your vision of a great insurance advice service for customers? How often does your board or management team review that process? If you are a sole trader, what training or education, or collegiate industry groups provide you with ways to review the process?
What possible conflicts between the client's interest and your own interest can occur? Make a list and consider each potential conflict: scale, frequency, what interests compete and describe them. Consider Code Standard one and five. What methods for resolving the conflict exist? Can you eliminate it? Can you disclose it? How will you ensure that you place the client interest before your own in the advice process? Under what circumstances would a conflict become too hard to manage – and you therefore choose to withdraw from the engagement.