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Advice for advisers

Advice for Advisers

We have identified five things advisers could be doing now to build stronger relationships with their clients.

Advice for Advisers

We have identified five things advisers could be doing now to build stronger relationships with their clients.

Improving relationships with clients

Because life insurance is such an important issue for all Australians, particularly as our population increases and ages simultaneously, MetLife has distilled the following insights from the largest research project of its kind to give advisers five ways they can improve and build on their relationships with current and potential clients.

1. Communicate, Communicate

Consumers and SMEs are better informed than ever before and their expectations about what passes for great service are increasing at an unprecedented rate.

Advisers who develop new ways to communicate their value to clients and keep in touch more regularly will likely win.

This also involves understanding how their client likes to be communicated to (phone, email or in person) and how often – allowing them to tailor their communications accordingly.

2. Increase transparency

Honesty, trust and transparency are all held in high regard by consumers and SMEs alike.

These are intangible qualities but advisers who cultivate a culture of openness and initiate valuable conversations with clients will reap the rewards.

Simple keeping-in-touch practices such as letting clients know when their next review will be, how their claims are progressing, and setting upfront expectations around communication frequency can go a long way in making clients feel valued.

3. Show your value

The majority of SMEs and consumers admit they need help purchasing this category of insurance.

When considering buying insurance clients are first motivated about making sure they get the cover they need before turning their mind to cost.

The role of the adviser is to help them understand what insurance they actually need, identifying what they can afford to pay and helping them to purchase the insurance that best suits their needs.

The majority of people are willing to pay $1,700 for insurance advice and advisers should take this into account when framing fee conversations.

4. Encourage regular reviews

An annual review is not only best practice, and a way to ensure clients have the right cover for their needs, but it goes a long way in fostering loyalty among clients.

However, perceived cost can be a barrier so it’s important to be clear with clients about the benefits of a review and any associated costs.

5. Show your integrity

Recent events have hurt the public confidence in financial advisers.

This is a good opportunity to demonstrate the benefits of receiving high quality advice (regardless of being aligned to a financial institution, a larger network of other financial advisers, or being independent) and ensuring your clients feel you are acting in their best interests.

By doing this, it will help to rebuild trust in the financial advice industry

Thank you.

To find out more about this year's research, please call 1800 523 523 to speak to your State Manager.

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*ASIC Life Insurance Comparison Tool. Available at: https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/life-insurance-claims-comparison-tool

The Understanding the Adviser-Client Relationship 2019 Report has been prepared by MetLife Insurance Limited, ABN 75 004 274 882 AFSL 238 096 (MetLife) and should not be published or reproduced without the prior permission of MetLife. Whilst care has been taken in preparing this material, MetLife does not warrant or represent that the information, opinions or conclusions contained in this document (“information”) are accurate. The information provided in the report and on this website is general information only, current as at the time of production. 

It does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. It is not intended to be a substitute for professional advice and should not be relied upon as such. MetLife recommends that you obtain independent and specific advice from appropriate professionals before deciding whether to acquire, or continuing to hold, any of our products, or implementing a financial strategy, including reading any relevant Product Disclosure Statements, Financial Services Guides and/or terms and conditions, available upon request by calling 1300 555 625, before making any decision. Life insurance products are issued by MetLife Insurance Limited ABN 75 004 274 882, AFSL 238096.

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