The Royal Commission into Financial Services put intense scrutiny on the sector in Australia, and negative sentiment persists despite reforms that are transforming the industry.
MetLife continues to support advisers in their engagement with their clients, as we know from our research that regular and transparent communications help to strengthen relationships and restore trust in the sector.
Now in its second year, the MetLife Report: Understanding the Adviser-Client Relationship explores the attitudes and behaviours of two distinct groups:
Consumers (those who have sought professional financial advice on life insurance, and those who are not currently using a financial adviser but are likely to see an adviser about life insurance in the next two years), and
Small to Medium Enterprises (SMEs) with up to 20 employees who have sought professional financial advice on life insurance.
The report provides a snapshot of consumers’ and SMEs’ attitudes towards financial advisers and their level of confidence about their life insurance, along with actionable insights into how advisers can further improve the customer experience.
The research found one third of consumers and half of SMEs are considering changing, or no longer using an adviser in the next 12 months.
This is a concerning statistic which highlights how important it is for advisers to demonstrate the ongoing value of the service they provide.
Advisers can’t take their clients for granted. With such a high proportion of consumer and SMEs looking for change, advisers must constantly be looking for ways to build trust and develop genuine relationships with clients.
It’s no surprise that honesty and trustworthiness are the major factors people consider when choosing a financial adviser.
Those advisers who take the time to have deep and ongoing conversations with their clients about their individual needs, and demonstrate the benefits of personalised and tailored advice, will likely gain a competitive advantage.
We are proud of our association with financial advisers and we are committed to doing all we can to raise public awareness of the important contribution they make to the Australian community.
We hope the ongoing analysis and insights we provide through this research will help advisers engage positively with clients about their life insurance needs.