When are statements Warranted??
True or False, You can ONLY submit statements during the application process or (the next day) to receive statement credit.
False. You have until lock down at end of the month (ex Dec 5th for Nov) to submit and get margin credit.
What you can prompt the client to do when the statements are unwarranted?
1. Call into their current processor - offer new rates or they have same program... Loose deal.
2. Delays selling days/weeks while they collect documentation.
3. Gives them time to think about not moving forward.
Time Kills all deal. Don't waste time collecting them if they are not warranted.
Do you need statements to provide the client and analysis for DP?
NOOOOOOOOOO. Unless Medium/high Risk
You have an IC+ customer - They are wanting to switch to DP. How do you quickly calculate monthly and annually what their "savings" are if they tell you they pay $2000 monthly in fees?
If you are writing a DP deal, how many sets of statements do you need to provide for additional Margin Credit for over 1%?
3 Months back to back.