February 6, 2018
Are you easily able to demonstrate the value of your life insurance advice to your clients and/or prospective clients?
- Sometimes - some clients appreciate the value of my risk advice, but others do not (40%)
- Yes - my clients are easily able to appreciate the value of my risk advice (38%)
- No - I find it challenging to convey the value of my risk advice to the satisfaction of my clients (17%)
- Not sure (5%)
Our latest poll stems from a contention that there is “…a problem with the perceived value of life insurance advice.”
A research paper recently released by boutique insurer, NobleOak, noted that one of the findings pointed to a problem with the perceived value of life insurance advice and presented “…a significant challenge for financial advisers who often need to fund high upfront advice costs to provide the right advice under strict compliance rules to their clients” (see: Consumers Cautious on Cost of Advice, Premiums).
The insurer also commented, “Clearly illustrating value to clients has always been a challenge for many advisers, and with the increasing access to online information and resources that consumers have, this is getting even harder…”
We received a number of comments responding to our article last week and welcome any additional thoughts you may have on this critical question surrounding the percveived value of risk (life insurance) advice in the mind of the consumer.