Latest Poll – Client Risk Matrix

Would you consider building a client risk matrix into your life insurance advice process?
  • Yes (61%)
  • No (20%)
  • Not sure (19%)

Our latest poll seeks your thoughts on an emerging process being adopted by advisers when delivering life insurance advice.

As we reported last week, a client risk matrix process is being advocated to advisers as a way to develop a consistent and workable approach towards delivering and implementing fit-for-purpose life insurance advice recommendations (see: Risk Matrix Pathway…).

…risk transfer or risk retention

Shared with audiences around the country at Riskinfocus 24, a personalised risk tolerance matrix is intended to help advisers determine a client’s appetite towards the extent of the insurance risk they wish to cover and that which they prefer to self-insure, ie risk transfer or risk retention.

According to TAL’s Scott Hoger and David Glen, the risk tolerance matrix is a tool which can be utilised by any financial adviser having life insurance conversations with their clients, which they advocate is totally transparent, consistent, repeatable and fit-for-purpose for almost any client scenario.

Do you already utilise a client risk matrix process or something similar? Might such a tool lead you to consider having more life insurance conversations than you do at the moment? Are you considering building this tool into your life insurance advice process? Or do you hold that such a tool will not be a good fit for the way in which you conduct your life insurance advice conversations?

As always, tell us what you think and we’ll report back next week…

TAL’s National Technical Manager David Glen (L) and National Manager – Education and Partnerships, Scott Hoger, double-teaming at the Riskinfocus 24 event in Melbourne in March – presenting the case for a client risk tolerance matrix to become a part of the life insurance advice process…