More than a third (39%) of consumers who have life insurance through an adviser originally initiated discussions in order to ‘protect their family’ or saw their adviser following a recommendation from a family member or friend.
For consumer potentials who indicated they would very likely see an adviser about life insurance in the next two years, 25% indicated cost was a barrier (up from 18% in 2018).
Not knowing how to start also prevents people from seeing an adviser (21%). Consumer potentials are also confused as to which adviser to choose (18%) as well as wanting to get their finances in order before seeing an adviser (16%).
Like in any relationship, the most important attributes consumers seek is that the adviser is honest and trustworthy (85%), transparent about fees and commissions (78%) and adviser experience (75%).