Standard of Care Expert

Primary among the duties of the agent/broker is to keep the best interest of the client uppermost in mind in all dealings. This includes performing such tasks as taking a proper fact-finding process to ascertain the exact needs and goals of the client before recommending a product solution. It is also very important to know other factors about the client such as risk tolerance, financial sophistication and both the intent and result of prior plans. The agent/broker should also make certain the client completely and fully understands the solutions and products being recommended for purchase.

Standards of professional conduct can be enforced on the agent depending on how he conducted himself and how he handled his responsibilities and duties. Most agents are required to carry professional liability coverage (Errors and Omissions) in the event they are deemed to have failed in their duties and responsibilities.