As you dust off the debris of 2008 and look ahead to next year, where do you most need support? What is the most important item that Santa can pull from his big bag of goodies that will help you to maintain and build the value of your business in the year ahead?
Is it:
- Access to more support staff resources – to enable more productive time in the field
- More support from the life company business development managers
- Better access to underwriters – and better understanding of their decisions
- More efficient technology and business support systems – to optimise back office efficiency and ensure a smooth customer experience, esp underwriting processes
- Simpler life insurance products – to provide more options at point of sale
- More ‘needs based’ insurance solutions – to better cater to clients’ individual circumstances
- More ‘soft skills’ sales training – to enhance your current skills set
- High profile industry awareness media campaign – that will underpin and support your endeavours as you develop new client opportunities
- More help with compliance needs and requirements
- Better access to technical services – eg product comparisions, hotlines, taxation information and legislative changes
- Bonus payments that recognise low lapse rates and/or extended policy retention
- More commission
- Ability to transfer books of business from one company to another without underwriting
While many of these factors may hold importance for you, vote for the option that is the most important to the growth of your business in 2009, above all others.
You will be sending a message to dealer group and life company decision-makers about what is important to YOU.
Vote Now! We’ll report back to you in the New Year.
Great interview with our MDRT Australian Chair Adam McCann on change in the industry and how to deal with it from commercial pilot to Financial pilot Adam you really shows how to adapt
Issues around cost are important. I feel we don’t value our advice highly enough and as a result, neither do our clients. It is a hard issue to overcome. Recently, I put my ongoing fees up for my low end clients. One client said, “about time!”. Knowing our value and charging accordingly and confidently enhances our industry. A race to the bottom is never going to work. For too long I had a view that clients would not value and hence would not pay my true value. I was wrong. Charge for the value – not for things that you do. FOr more guidance, talk to Baz Gardner at The Social Adviser. He helped me and many others to overcome personal blocks here.
There is no doubt clients appreciate advice that is a” no brainer” However the issue on who will pay how much and for what remains the biggest obstacle. There have been numerous comments made on this and I believe that unless you are charging a client for more than just risk advice you are going to get rejection. Giving advice on risk is just as important as a full financial plan as without the “stopper” { the plan’s overall protection } then it is a ship without a rudder.
I have tried for many years to charge clients a fair fee for services provided on risk only, only then to be told really ? I can do this on line for nothing. Even minimal fees are met with distain as they obviously do not know what it takes to run a business such as ours. If I include Superannuation or financial advice then the rejection is far less, still ! as no one likes paying fees I can still sense the objection.Because they can see an outcome at 65-70 its easier to accept rather than the promise that risk cover provides upon completion of the application.
You may well ask what sort of clients do I deal with ?? Pretty much the whole spectrum but mum and dad clients are the ones that struggle with it.
With the end of commissions ahead if the banks and issuers have their way most people will either go direct or decide to go without. That my friends is the cold hard truth of this risk insurance alone will not pay the fees that are required for the initial and ongoing work required advisers will look after their current renewals and do minimal new business work as far as introductions are concerned at that will cause a back lash on the insurers as without ample new business they cannot survive either. Guess who provides them with the most now ?? Us
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