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.

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
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.
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