Giving you the right track to run on

Proper Protection - The Foundation Stone Of A Financial Plan


There has always been a professional obligation on financial planners to do the right thing by their clients when it comes to personal protection, and with the advent of Financial Services Reform in 2004, this was added to by a legal obligation to do the same. Yet here we are some 7 years later in the grip of an underinsurance epidemic – why?

A lot of advisers will say that the primary reason has been the decline in lifewriters since the turn of the century, and it is certainly true that there has been a marked decrease in this area. However, I believe the primary reason for the underinsurance epidemic lies fairly and squarely on the shoulders of advisers in the industry today.

Australians do not set out to be underinsured – most Australians have personal insurance cover of sorts and they are not aware that their cover is inadequate - it is their advisers who have allowed them to be underinsured. I believe there are 3 main problems that financial advisers face when seeking to provide appropriate personal protection for their clients, and this session will provide the necessary tools required for the solutions to these problems.

The 3 key elements to the risk advice process that I am referring to in this context are:-

  • How to position protection with your wealth creator clients within the context of their financial plan – educating your client why protection needs to be the first cab off the rank.
  • What questions to ask on the Fact Find in order to facilitate your client verbalizing their personal protection wants i.e. financial outcomes in specific “what if ” situations.
  • Overcoming the price barrier (which becomes the only obstacle as long as you are dealing with what the client wants).

Should this workshop be of interest to you or your firm, please get in touch with any questions or to make your booking.