Broker consent form

[whatwhat]

So, I've been contacting various brokers to help me sort out some questions I've had with my Sanlam and life policies.
However they all want me to sign the broker consent form first to give them access to view my policies.

When I tell them that's not going to happen and I will provide them with a printed copy of the policies for review they lose interest very quickly in helping me.

I am assuming that their "consent" form is also an appointment form?

 

[skud]

Brokers earn commission paid to them by you giving them access to your financial portfolio. They won't assist you without you giving them consent. My suggestion - find a broker you can trust and stick with them. I know of a very good broker I've been using for years. If you want his details, send me a PM.

 

[Hemi300c]

I am not sure about the life industry but I am sure it's similar:-
1) LOA -Letter of appointment - appointing a broker on your portfolio
2) LOI -Letter of investigation - Allows the broker to access info but not appointed or able to change anything.

Most of the time it's combined into one and you need to delete the one not applicable.

 

[envo]

I moved from Sanlam (after 13 years) in 2014 and didn't look back. Alexander Forbes did more with my money in less than 2 years than Sanlam did in 7.

If you're looking for a broker, contact someone (anyone) at Alexander Forbes. Excellent people.

 

[Mets]

A signed letter of consent is a requirement for the broker to draw your current portfolio. Just make sure it is for consent and not an appointment. Insurance companies will not hand over any information to the investigating broker without this letter. If you want them to give you relevant advise based on your current portfolio, you'll have to sign it.

 

[qwertydudeza]

So, I've been contacting various brokers to help me sort out some questions I've had with my Sanlam and life policies.
However they all want me to sign the broker consent form first to give them access to view my policies.

When I tell them that's not going to happen and I will provide them with a printed copy of the policies for review they lose interest very quickly in helping me.

I am assuming that their "consent" form is also an appointment form?

Consent is required per FSB, it is there to protect you and ensure no one can access your financial data without your written consent. Consent is not appointment. Also you are required to sign any changes. If a broker acts without consent, they can lose the Financial Services Licence, large fines or be charged criminally with fraud.

 

[supersunbird]

Consent is required per FSB, it is there to protect you and ensure no one can access your financial data without your written consent. Consent is not appointment. Also you are required to sign any changes. If a broker acts without consent, they can lose the Financial Services Licence, large fines or be charged criminally with fraud.

For once I agree with qwertydudeza on something, the one and only time.

Hell, the consent form enabled my company provided FA to pick up a investment policy that someone had made in my name (as beneficiary) in 2005. That person doesn't even recall they made it.

 

[Waaib]

Consent is required. Not sure how to get around that.

There are financial advisors that do NOT take commission: The Wealth Corp. (now Citadel) and www.thefinancialcoach.co.za are 2 that I found that work on an hourly rate and not comm.