Risk-focused dealer group, Affinia, has launched a new tool to facilitate strategic life insurance conversations between advisers and their clients.
The Strategic Advice Cashflow Tool includes a needs analysis and cashflow calculator. It has been designed to move client conversations away from insurance products and towards a full understanding of clients’ needs.
Affinia General Manager, Craig Parker, said the Cashflow Tool was developed in response to one of the key callouts from the Australian Securities and Investments Commission’s review of retail life insurance advice, which challenged advisers to focus on delivering strategic life insurance advice.
“The tool facilitates meaningful conversations between advisers and clients so that the service provided is built around high quality, valuable advice and risk management strategies, not products,” Mr Parker said.
“This is about moving the conversation with clients away from insurance products and towards fully understanding client needs, and developing strategies and delivering solutions to meet those needs, and then reviewing them regularly.”
The tool is currently being rolled out across the Affinia network as a central part of the group’s risk management framework. The framework defines strategic life insurance advice and provides the system for advisers to deliver this to their clients.
The key elements of Affinia’s framework are:
- A diagnostic tool
- Risk identification
- Exposure analysis
- Strategy formulation
- Implementation
- Regular and ongoing audits and reviews
To find out more about Affinia’s approach to strategic life insurance advice, click here to read Mr Parker’s article in our latest edition of riskinfo eMagazine.
