Ask yourself how many clients are aware of these benefits , or have just forgotten these benefits were included ; added benefits that add real value to a customer , potentially at a time when they may need them .
I can only speak for myself when I used one of these additional benefits – Aviva ’ s BUPA HealthLine – when my daughter was not well , and how valuable the support we had was . I can tell you , from that experience , the policy will be the last thing I would cancel on my DDI .
I am not sure if you have heard the latest Direct Line advert for life cover on the local radio – if not , the advert focusses heavily on additional benefits and refers to the life cover more like the secondary option , rather than the main reason for taking the cover . If your clients have heard this advert , ask yourself what it will make them think of : the extra benefits or the life cover .
Providers are also aware of the tough times clients will be facing , so speak to them or your local / telephone BDM as they may have ideas to support both you and your clients .
Speak to your contact at SimplyBiz , which is currently working on a number of initiatives in partnership with providers and other bodies to help and support advisers if they are concerned about the impact the higher cost of living could have on their business .
I hear you say : “ when do I find the time to review my clients as I am so busy with new mortgages ?” – and I get it , being an ex-mortgage broker myself . Remember though , these reviews don ’ t all have to be face-to-face , they can be virtual , over the phone or even text or email . They will not take as long as the original meetings , they may only last 30 minutes or less , but the most important element is that a review takes place . At worst , they will keep your client ’ s policies in force , at best the review may lead to new business . Some firms who have recognised the importance and value of reviews have even trained up members of their staff to carry these out .
“ At worst , they will keep your client ’ s
policies in force , at best the review may lead to new business . Some firms who have recognised the importance and value of reviews have even trained up members of their staff to carry these out .
In summary , I think we would all agree that in the mortgage world , unlike the IFA world , reviews are normally conducted when your client ’ s mortgage rate expires . However , with advisers recommending longer fixed rates , some as long as five to ten years , if we are not going to slightly change how we interact with our clients , we might just find polices lapsing and clients forgetting who we are when we eventually contact them to review their mortgage .
I am certainly seeing more IFAs arrange protection , which is a great thing for both our industry and the public . However , why don ’ t we take a tip from the IFA world and review your clients as often as they do theirs ? Let ’ s not let what happened to King Canute happen to us , and risk getting our feet wet .
EDITION 1 , SPRING / SUMMER 2022 |
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