Top tips to secure your clients’ protection needs in a busy market

Patti George, Individual Protection Market Development Manager at Aviva, discusses strategies to help you support your clients when the protection market gets busy.

 

In today's fast-paced financial market, ensuring your clients' protection needs are met can be challenging, especially at times when the market is getting busy. However, with the right strategies and tools, you can effectively safeguard your clients' futures, even during the busiest times. Find out the essential tips and advice to help you stay ahead and deliver comprehensive protection solutions.

1. Make protection conversations a default part of the process

Integrate discussions:  Ensuring protection is a standard part of your agenda ensures your customers' protection needs are never overlooked, forgotten or passed over. Instead, it becomes a default part of the service you offer, your customers will automatically be more open to having the protection conversation.  Signpost from the start that you seek to help them achieve their goals (whether that is purchasing their dream home, wealth or retirement plans) and protect their ability to fulfil those plans.

Don’t default the default:  Once protection is part of your process, with practice you will inevitably streamline the conversation, use the most impactful tools and reduce the time spent creating the right solutions.

2. Know your client to reveal needs

Conduct thorough fact-finding: Rule of thumb is to spend 80% of your appointment getting to know your customer.  Getting them to share with you their goals, financial situation and concerns will help them see the need to protect the things that are important and self-identify gaps in their protection.   

People follow the advice of people they trust: Don’t be afraid to challenge the ‘what ifs’ and demonstrate to your client that you hear their views.  This will build trust and establish a strong relationship with your clients, so they feel comfortable following your recommendation.

3. Build the solution with your client

Collaborative approach: Involve your clients in the solution building process. This is where your time getting to know your client provides value.  Discuss the needs identified, protection options available and tailor solutions that align with their specific needs and budget.  Then…

Scenario review: Present different scenarios and demonstrate how their agreed solutions will safeguard them in each situation. This helps clients see the practical benefits of the solutions you propose and reduce buyer's remorse. Avoid apologising if it costs a bit more than originally budgeted, your expertise is there to get your client the right cover.

4. Use advisers’ tools to demonstrate need and solution

Leverage technology: Use financial planning software, calculators, and risk assessment tools to visually demonstrate the need for protection and how different products can meet those needs.

Illustrate benefits: Show clients projections and comparisons to help them understand the long-term value of protection products. Visual aids can make complex information more digestible.

5.  Schedule your client reviews for quieter periods

Lives changes: You’ll need to revisit your clients’ needs so use those quieter periods to catch up.   Kick start your conversation with warm open questions such as “Tell me what you’ve been up to since we last caught up?" or “How has life been treating you, Jenny and the children?”

6. Refer to an expert if time is limited

Use your network: Establish relationships with protection specialists who you trust and who can assist your clients if you’re unable to dedicate enough time to this area.

Seamless Referrals: Ensure the referral process is smooth and that the specialist is well-briefed on your client’s situation. This maintains continuity and ensures your client feels well cared for.

Other tips to consider

Stay informed: Keep up-to-date with the latest protection products and market trends to provide the best advice. This can include knowing your local GP waiting times for appointments or talking to your client about how NHS treatments can vary by postcode.  Providing guidance around these issues can help your clients understand the need and solutions of relevant protection plans.

Client education: Provide clients with educational materials and resources ahead of your appointment to help them understand the importance of protection and make informed decisions.

By incorporating these strategies, you can ensure that your clients’ protection needs are comprehensively addressed, even during busy market periods.