The majority of financial advice practices are overlooking a significant area in which to increase their risk advice footprint by failing to capitalise on the opportunities that exist in delivering life insurance solutions to the children and grandchildren of their existing clients.
So says former risk specialist adviser, now author and training consultant, Chris Unwin, who suggests many hundreds of advice businesses are regularly walking past opportunities to improve their bottom line profitability when they ignore or overlook the provision of intergenerational life insurance advice.
Unwin says one of the greatest risks to the retirement nest eggs of millions of Australians is their exposure to the financial risks that regularly accompany sad and unexpected events experienced by their family members:
…a parent or grandparent will almost always step into the financial breach when death, disability or injury visits their loved ones
“Time and time again it’s been driven home to me that a parent or grandparent will almost always step into the financial breach when death, disability or injury visits their loved ones,” says Unwin, which is why he says he remains a strong advocate of the need to effectively protect a client’s retirement nest egg by placing the right insurance solutions for their family members – solutions which serve the best interests of all generations in the family – according to their circumstances.
According to Unwin, intergenerational life insurance advice also serves to reinforce existing client relationships – to make them even more ‘sticky’ – while at the same time addressing a critically important component within the scope of many advice propositions which can so often fail to be considered.
…‘refreshing’ the books with life insurance and broader advice solutions to accumulators will consolidate the value of the client portfolio
Another clear benefit, says Unwin, especially for practices which serve pre and post retirees, is that advising the next generation of clients will address a shrinking business asset associated with those in the drawdown phase of their lives. He says ‘refreshing’ the books with life insurance and broader advice solutions to accumulators will consolidate the value of the client portfolio and address what may otherwise be a downturn in the value of the business.
Chris Unwin is conducting a series of workshops in the eastern states during July, where his topic is: “Creating, Communicating and Differentiating Your Value Proposition in the Risk Advice Space”
Full day face-to-face workshops for advisers and their support team colleagues will be presented in these cities on the following dates:
