It was very interesting to listen the other day to an online seminar about retention where the speaker was talking about the increase in sales of home safes.
This shows the current attitude of the general public towards feeling 'safe'. Why trust a bank with your money when you can put it in your own safe?
Could you be making the most of this feeling? Financial protection can help your clients feel safe. It can remove worry, just as putting money in a safe puts your mind at ease - you know exactly where your cash is.
Financial protection can do the same. It can remove the worry of what will happen if your client were to become critically ill, if they were unable to work, or what would happen to their family if they were to die.
By selling your clients financial protection you are giving them that same feeling as having the safe built into the wall behind a picture - one of security.
However, with the number of new mortgages drying up and, with that, a drop in the amount of new protection policies being sold, then you may be struggling to generate new business.
Have you thought about re-visiting your client bank? You might find clients who you sold a mortgage to, but with no protection. Would they want to consider protection now?
You may wish to segment your client bank based on the age of your clients.
Some of your clients may have had children since you sold them a mortgage. They might be earning higher salaries and now boast a higher standard of living.
These are all things you might want to consider when looking to generate more leads. For example, if your client has dependents then they might be more switched on to the security that protection would give them and their family.
How many of your clients have a protection policy, but no trust? This might help to reduce your lapse rates, and enhance the service you are giving your clients.
Remember a loyal customer will return and give you that repeat business; a satisfied customer will refer you to their friends and family. Imagine the extra opportunities this gives you without having to buy expensive leads.
A safe can help your clients protect their cash, but financial protection can help them not only protect their finances, but their family as well. With that will come the sense of security we all crave.
Mark Jones is head of protection at Friends ProvidentIFAonline
Following 2016 thematic review
December 2018 or early 2019
Feasibility study due
'Let’s be bold enough to demand change'
Joint life second death option added to relieve tax burden on couples gifting assets