Client’s own words (COWs).
This is a powerful and effective way of personalising suitability reports. When you gather know your customer (KYC) information (see ‘K’ blog post) try to record some of the client requirements and objectives using their own words, so that you can repeat the quotes back to the client in the reports.
This provides the ultimate in personalisation and is a great way to cement recommendations.
If you can quote something like
“Both you and Beth want to use you maximum ISA allowance for the next 7 years (when you plan to retire Tom) for the purpose of supplementing your retirement income but also to buy that camper van you’ve always wanted and fulfil your dream of driving around Europe”.
FG 21/3 – client objectives
Alistair MacDougall Compliance Drawdown, FCA, ML, Pension, Pension Transfer, PI, transfer
Following on from our previous articles on FG21/3, we will look today at another of the interesting areas covered by the guidance. It goes without saying that the guidance itself is helpful, reiterating and emphasising previous rules and guidance and clarifying some areas that were arguably fuzzy before. However, as well as the actual content, […]