Advocating for the value of specialist life risk advice
We spoke to Matt Beauchamp, Director at Beaulife Group, about the opportunities in risk advice and how quality advice and exceptional customer service will ensure confidence, trust and loyalty towards the financial advice sector.
Over the years, I have seen financial advice clients become more eager to boost their financial literacy and, as a result, are now more aware of the services available to them to help grow and protect their personal wealth.
With the rising tide of conversation around items like cost-of-living pressures and retirement planning, it is likely for all advisers to see a growing demand for tailored services that help to address these areas, and adapting to deliver on that demand is key.
For risk advisers, our tailored services aim to strike a unique balance of a personable and supportive approach while at the same time often dealing with difficult subject matters. Additionally, every insurer has their own approach – whether it be differences in their products, policies, structures, or support teams, and understanding these is key to providing quality advice. This, combined with the ever-changing compliance regulations and the intricacies of the financial landscape, means there is a key role for risk advice, in addition to the more holistic advice offerings.
As a risk adviser, it’s clear to me that there needs to be more advocacy for risk advice. With the close support of our life insurer partners, we need to showcase the benefits of risk advice to current and prospective clients. This, in turn, will reflect positively on the value of the financial advice sector more broadly.
Risk insurance is the foundation of a sound financial plan
Having a finger on the pulse and being in a position to proactively offer clients annual reviews means risk advisers can ensure clients are receiving competitive benefits in an ever-changing financial advice landscape.
A specialist risk adviser knows the market and is well informed to be able to identify emerging trends or opportunities so they can best structure their clients’ life insurance protection to meet their individual needs and circumstances.
When prospective clients are researching potential risk protection partners, it’s best to look for a knowledgeable adviser with a great support team. In-house claims management support can be an invaluable part of that client support proposition.
The claims experience is at its most successful when advisers and their support teams understand the process well and work closely with clients to ensure they also have clarity on what to expect. Claims management support is a dedicated staff member or team who assists clients when they make a claim, and they have the capacity to take the lead in managing the process. There is an intangible value to the clear and focussed head space for risk advisers, and the expertise of a claims management service can provide additional support to deliver on client needs.
However, that’s not to say that every practice needs to invest in claims management expertise internally. The same value and service can often be delivered for clients through the right strategic partnership with a life risk specialist who can be outsourced to support with providing advice to clients, in addition to any help needed for claims management.
Regardless of the model, a strong working knowledge of the risk advice process across the practice is essential to giving clients good advice. TAL Risk Academy’s on-demand webinar “Advice & Best Practice Process” explores how the Code of Ethics specifically relates to the provision of risk advice and some of the key considerations for risk specialists under the Code. Providing a program of training specifically related to the provision of risk advice, benefiting both those in risk advice and those offering holistic advice services, helps to complement existing measures in place to ensure financial planners’ reputations are upheld.
Utilising integrated technology for ease of client experience
Technology is a catalyst for creating opportunities to strengthen client relationships and deliver meaningful advice.
Applying automated solutions and leveraging integrated technology systems to improve client experience and drive efficiency can help risk advisers to continue meeting the best interests of their clients and boost public confidence in risk advice.
To give an example of how engaging digitally creates efficiencies, there are tools available to integrate appointment bookings which syncs with Outlook and allows clients to book agreed time slots at their convenience. Another example is leveraging social media tools to help manage posts and content across all social channels from one dashboard, including scheduling posts in advance.
Providing quality advice and exceptional customer service will ensure client confidence, trust in the service, and loyalty towards the financial advice sector.
MATT BEAUCHAMP - Director, Beaulife Group
Business owner and licensed financial adviser, Matthew Beauchamp has focused on risk advice for the last 10 years. Forming the foundation to any solid financial plan, Matt is passionate about helping his clients create a safety net in preparation for the unknown.