Value in separating policy renewals from annual reviews
Separating the annual review from policy renewal and rewrite dates is a way to help simplify the advice process for clients, according to business marketing firm StepChange.
Speaking at a Zurich/OnePath webinar, Kathy Rhodes, StepChange marketing strategist, said this could help decouple those elements of the process.
“Do the review several weeks in advance, making sure that when the review reminder arrives, you've already got them locked in and committed to understanding the need for that,” Rhodes said.
Rhodes said this would help deepen client relationships during the annual review process.
“Perhaps you want to re-establish why cover was taken out in the first place or perhaps it's an opportunity to reinforce the value of your advice,” Rhodes said.
“Maybe you need to explain complex or new recommendations. Perhaps based on your think/feel/do you want to go beyond compliance obligations and deepen client comprehension, and education.
“It's important to remember that you're not dealing with creatures of logic but creatures of emotion, we are all human.”
Rhodes said this was also an opportunity to provide clients with additional advice.
“Perhaps they're only interested in a certain subsection – are you doing scaled advance right now and you want to make that full advice?” Rhodes said.
“Maybe you're looking to get referral commitment, rather than just a loose promise that they will arrive.
“Maybe you want to lock in another 12 months of working together, offer value beyond your advice or you want to move that client into another usually higher value segment.”
AUTHOR
Chris Dastoor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
