Revising Your Client Files for Compliance and New Business Opportunities

This article was generously provided by Sylvie Chartrand, Customer Service Manager, Financial Horizons Group, Quebec Region.

From the perspective of an advisor, compliance laws, rules, and standards can represent a daunting task and an administrative burden – but this doesn’t have to be the case. In fact, compliance can generate new opportunities. That’s a fact!

A review of your client files has three advantages:

  • ensuring that your clients have the coverage that they need;
  • ensuring that your compliance regime is excellent; and,
  • making new business opportunities based on your clients’ needs that either aren’t covered or aren’t sufficiently covered.

And that’s just considering your current business, without having to chase after prospects or making cold calls! Therein lies the richness and beauty of internal growth, a topic previously highlighted by my colleague, Mélanie Turcotte, in her blog post Optimizing Your Practice Through Internal or External Growth.

Consider the following examples.


Term insurance

The term insurance that your clients purchased and that is coming up for renewal in the next few years is a sales opportunity. Recognize this opportunity to better serve and cover your existing clients and make new sales.

Financial Horizons Group might be able to help you during the process. Contact your local FHG branch office to find out! Note that the insurance in question will inevitably increase in cost due to the aging of your clients. This will also allow you to confirm their insurance requirements and determine whether a policy conversion or replacement is needed.


Child rider

It’s important to remember children’s coverage riders, which can often be converted when children reach a certain age. Contact your local FHG branch office if you need support in your dealings with insurance companies regarding the allowable coverage amount, premium, necessary forms, and more. 

Please note that you are much better off confirming this information individually and ahead of time rather than basing your actions on the regular message that the insurer sends out to your clients. Information generally varies depending on the policy and the advisor in charge of the file often doesn’t receive a copy of the letter. What’s does this result in? When the client contacts their advisor, it’s already too late: the conversion date has come and gone and no action can be taken. Avoid this situation and be sure to serve your clients and provide them with effective coverage!


Decreasing mortgage insurance: a great opportunity to meet a financial need

The mortgage insurance market represents another great opportunity for you to meet your customers, review their needs, and make new sales. In the event of a claim, decreasing term mortgage insurance can result in nasty surprises; it is wise to review the details with your relevant clients, focusing specifically on the following major point of coverage:

  • The mortgage amount that would be paid out in the event of death

This is based on a fairly complex calculation. If, for example, your client has increased their loan, they won’t be covered without underwriting, which might also affect the calculation of the amount payable in the event of death.

When you know the amount, you can then take action and ensure that the coverage is suitable for your client or, otherwise, make a new sale using supplemental insurance to fill the gap.

Please note that, in some cases, your local FHG branch may be able to help you identify a win-win solution for your client.


I hope this article has provided you with optimal and strategic ways of combining file review, compliance and new opportunities! Don’t ever hesitate to contact us at FHG. We are committed to supporting you in developing your business practice.