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The Adviser-Client Relationship Report 2019

Insights into the attitudes, behaviours and expectations of current and potential advice clients

Summary
Here you will find just a few of the key insights that will feature in our full report to be released in September.

The report, based on the largest research study of its kind in Australia, will provide a comprehensive view of consumers’ and SMEs’ attitudes towards advisers, their level of confidence about their life insurance, along with actionable insights to help advisers build long-term relationships.

 

The main reasons for seeing an adviser

 
Consumer with life insurance
 
SME with life insurance
39% of consumers
Want to protect their family

            

46% of SME
Want to protect their family

             

26% of consumers got a referral to see an adviser
Got a referral or suggestion from family or friend

            

28% of SMEs with life insurance got a referral
Got a referral or suggestion from family or friend

             

Consumers who reviewed their life insurance in the last 12 months are 2.1 times more likely to recommend their adviser than those who didn't

Changing and leaving advisers

3 in 10 consumers

with life insurance are considering either changing their current adviser, or stop seeing their adviser in the next 12 months.          

5 in 10 SMEs

with life insurance are considering either changing their current adviser, or stop seeing their adviser in the next 12 months.

Commissions

While the majority of those surveyed were aware insurers pay commissions to advisers, many did not know how much they receive.

      

55% of consumers with life insurance
Consumers with life insurance

did not know how much advisers receive in commissions for their life insurance policy

31% of SMEs with life insurance
SMEs with life insurance

did not know how much advisers receive in commissions for their life insurance policy

3 in 5 people believe that more Australians will be under-insured if commissions were removed
If commissions were removed in the future most current clients wouldn't expect it to change their willingness to continue using an adviser
 
Consumer with life insurance
 
SME with life insurance
19% Consumer with life insurance
More likely to see a financial adviser

                 

38% SME with life insurance
More likely to see a financial adviser

            

26% Consumer with life insurance
Less likely to see a financial adviser

      

23% SMEs with life insurance
Less likely to see a financial adviser

     

47% SMEs no change
Would not make a change

            

33% SMEs no change
Would not make a change

             

8% consumers don't know
Don’t know

         

5% SMEs don't know
Don’t know

                 

Methodology

The highlights featured here come from an in-depth online survey completed in June 2019 with 1,298 respondents. Specifically:

  • 797 consumers who have life insurance purchased through a financial adviser;
  • 213 Small to Medium Enterprises (SMEs) with 2-20 employees who have life insurance purchased through a financial adviser; and
  • 288 consumers who are very likely to see a financial adviser about life insurance in the next two years
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MetLife Australia is the winner of ANZIIF Australian Insurance Industry Awards 2019 – Life Insurance Company of the Year.
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