Below is the outlined Northwestern Mutual Replacement process for advisors that are subject to protocol.
- To complete the submission process, the client will submit the application and will need to esign the DocuSign that will be sitting in their inbox. Additional forms will be presented in the DocuSign for the client to review, complete, and esign.
The three required forms are listed below. If the advisor would like to prep the client through the process, the additional forms are attached to help guide clients through.
- The FR2220 Important Notice form: This form is 2 pages and only requires the Customer to sign and date the form.
- The FR2221 Authorization for Disclosure of Information: This form allows MassMutual to request values needed to complete the Disclosure Statement.
- The FR2217 Definition of Replacement is the form that is causing some issues: This form has 6 question in Section A that must be answered by the client and one of these questions must be answered as “Yes” to indicate a replacement transaction is occurring on this new policy. We’ve included Helper Text to this form for these questions in the hopes this would assist the client to complete it correctly.
If not completed correctly, we reach back to the Advisor to have the form corrected and signed and dated by the Advisor and the Customer.
This form also requires the Advisor to sign and date the form and answer a question below their signature. With the way the process works, the Advisor signature and answer to his/her question will never be completed upon submission. In these scenarios we are reaching out to the Advisor to obtain their signature and answer their question.
- If this was a term replacement, a support team member will reach out for the advisor to provide the sales proposal. This is a term illustration ran through MM Designs that was presented to the client during the sales process.
- Our support team will now submit and process the documentation to Northwestern Mutual (Turnaround time: 24-48 hours)
A support team member will then send the advisor the FR2218 Disclosure Statement that will need the advisor to review, answer three questions, and esign.
Once the advisor esigns, this will trigger DocuSign to then automatically send this document to the client to review and esign.
- Once the policy is issued, all additional forms mentioned above will be attached to the policy packet. Due to compliance regulations, there will be a mandatory 30 day “freeze” from when a final offer was made to when we can release the final offer to the advisor.