February 13, 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 results suggest consumers often fail to perceive the value of life insurance advice provided to them by their adviser.
As we go to print, 41% of those voting in this poll have said that while some of their clients appreciate the value of their risk advice, others do not. Another 20% have said they are challenged in conveying the value of their life insurancd advice, while only around one in three (36%) say their clients are easily able to to appreciate the value of their advice.
…it’s not just about clients appreciating the value of risk advice, but also what they’re then prepared to pay to receive it
We sometimes refer to ‘the mood of the meeting’ in dissecting the results of our polls. The mood of this particular meeting seems to tell us advisers (and perhaps the industry itself) have a long way to go in reaching the majority of the population when it comes to the consumer appreciating the vale of life insurance advice.
One adviser has made the point that it’s not just about clients appreciating the value of risk advice, but also what they’re then prepared to pay to receive it. With changes to remuneration brought about by governments and the rise of consumerism, the question of what a client will pay for life insurance advice will be raised more as time goes on.
Meanwhile, our poll remains open for another week as we welcome your further thoughts and comments on whether, in your own experience, there are challenges in conveying the value of your risk advice to your clients…