We are pleased to announce that NACFB Financial Services is due to be launched next month, introducing a whole new aspect to your NACFB membership services.
When originally launched in January 2010, NACFB Membership Services was designed to provide you with easy access to a suite of products your customers might benefit from and where you may have found difficulty sourcing individually. As part of this, access to Loan Protection has been offered through Legal & General, however feedback from members indicates the regulation and compliance requirements of the way in which this was set up are too laborious.
From the 1st September, you will now be able to provide your clients with access to financial services, including sourcing protection for loans, without the current lengthy process, rigorous checks or formal examinations. You will simply need to capture basic customer contact details, agreeing to the data protection statement, and referring through your CommercialKeeper system. NACFB Financial Services will take it from there, assessing the customer’s needs and sourcing the relevant protection. In the case of Loan Protection, you will also earn 45% commission upon policy inception.
The organisation behind this new initiative is Lloyd & Whyte (Financial Services) Ltd., based in Taunton, Somerset. Lloyd & Whyte is an Independent Financial Advisory firm, specialising in niche, professional markets and, in particular, professional affinity groups. The Company have long standing relationships with the British Dental Association, the British Veterinary Association and the Pharmacy Defence Association, and the team of IFAs utilise a wealth of experience in all aspects of both personal and commercial financial planning.
When investigating potential providers to take this initiative forward, we were particularly impressed with Lloyd & Whyte’s commitment to professionalism. The organisation’s status as Corporate Chartered Financial Planners is a clear testament to ethical practices, professional development and overall customer satisfaction, whilst being an appointed provider of services for the British Dental Association for over 14 years speaks for itself.
In discussing the referral system with Lloyd & Whyte, I was keen to arrive at a solution in which NACFB members can benefit from access to financial services for their customers, without the reams of paperwork and whilst still providing an appealing avenue for income. The simplicity of the process does just this, whilst the commission rates negotiated could help you earn significantly more from each customer.
By acting as an ‘Introducer’ to Lloyd & Whyte (rather than ‘Appointed Representative’ of L&G through the previous system), you will be able to avoid the majority of the paperwork, regulation and general compliance issues. Of course, you will not be able to advise your clients on specific products, policies or providers as this would constitute advice, which needs by law to be regulated. Instead, you simply confirm your customer wishes to discuss protecting their loan further, pass the details on through CommercialKeeper, and Lloyd & Whyte will contact your customer to assess their requirements. You earn your commission on any business that goes ahead, and your customer benefits from a professional, independent service.
NACFB Financial Services certainly has potential, both as part of the NACFB offering to members and to members’ own income. If you would like to discuss in more detail how to become one of the first brokers within NACFB introducing Loan Protection business, contact Chris Whittaker at [email protected] or call him direct on 07765 891040.