The financial advice industry has traditionally been spoiled with a long run of high customer loyalty and strong client retention. However, this year’s MetLife Adviser-Client Relationship Report revealed a change may be on the horizon, with many consumers reconsidering their financial adviser relationships.

In fact, the research found 3 in 10 consumers and 5 in 10 Small to Medium Enterprises (SMEs) are considering either changing their current adviser or ceasing to use an adviser at all in the next 12 months.

Clearly, advisers need to act fast and implement strategies which keep hold of their clients. While having a marketing plan and social media presence can’t go astray, the research reveals that efforts to boost client retention would be better spent on keeping in touch with clients and annual reviews.

The review is an important touchpoint – in particular, advisers and clients can discuss the value of their insurance cover in order to determine what cover is most appropriate.

Around half of consumers who had a review in the past 12 months modified their insurance cover in line with their stage of life, for example, those in their 30’s were more likely to be establishing families and buying a first home increased their cover, while those transitioning to retirement reduced theirs.

Similarly, the research found that of SMEs that underwent a review in the past 12 months, 55% opted to make a change to their policy, with 49% making the decision to increase their cover.

The benefits of a review extends beyond retaining existing customers or modifying cover, as those consumers who had a review in the last 12 months were 2.1 times more likely to recommend their adviser to a third party leading to new customer referrals.

Despite this, only 58% of consumers with life insurance undertook a review with their adviser in the last 12 months, suggesting many advisers are missing an invaluable opportunity.

Now is the time to prioritise the annual review.

At MetLife, we’re passionate champions of quality advice and we’re committed to taking a customer-centric approach, supporting advisers to better serve their clients and navigate the changing world of life insurance.

For more information read the full MetLife Adviser-Client Relationship Report or call 1800 523 523 to speak to your local MetLife State Manager.