Do you have to take out a new policy if you contact me? . . . . . . .
I have had great meetings with local clients over the years, many of whom had never dealt with a financial adviser. One of the things I hear is that people were reluctant to contact me because they were concerned that they might feel obliged to act on the advice I provide that may be an extra expense that they just don’t need.
As a financial adviser, one of the most important things for me to grow my business is to have a significant amount of clients on my books. As such, a person who moves existing policies to my company is just as important as a person taking out a new policy.
What is “existing business”?
If you have a mortgage, you will most likely have a mortgage protection plan. If you have had Pensions (or currently have one) in previous employments, they could very well be still sitting paid up waiting to be moved into a Plan in your own name. You may have savings or an investment policy that hasn’t matured yet or is just working away as it always has, but you have never really reviewed exactly if it is performing to your expectations.
If a client is happy with my advice (whether it is on new or old business), they have the option to move their policies onto my agency. This changes nothing in relation to the benefits of their plan. It only authorises me to contact the life office, as a person’s broker, to get information (values etc.) on the client’s behalf. I am not authorised to make any changes to the plan and the client can contact the Life office themselves directly as normal.
The benefits to a client are that they may not have a broker looking after their interest. I can keep an eye on the cost of a plan and recommend cheaper alternatives if the opportunity arises. I can keep an eye on a savings or Pension plan to make sure it’s reviewed appropriate to your needs and is invested in a fund that matches your investment goal or retirement plans.