Supporting clients through significant life events and how tech can support advisers
Last week, we emphasised the importance of providing support during life’s significant events. We also explored the perspectives of financial advisers on technology and kept you up to date with what you need to know about the recent changes introduced by Legal & General.
Menopause affects 51% of the population at some point in their lives. The question is, are the financial planning and life insurance industries doing enough to help individuals prepare for the significant life changes it brings? It’s important to remember that the impact extends beyond those experiencing menopause, as a significant portion of the population will support friends, colleagues, and loved ones going through this transition.
I invite you to listen to my candid conversations with Kimberley Dondo from Money Marketing, In Conversation With… Niki Cooke, CRO at Protection Guru where we discuss my personal experiences and explore how we can collectively improve our support for friends, clients, and colleagues. Financial advisers play a crucial role and are often undervalued for the comprehensive support they provide. They are not just financial experts but also offer emotional and consultative support. The podcast underscores the importance of a holistic approach, highlighting that clients require both financial protection advice and emotional guidance during life transitions like menopause.
I recently had the pleasure of catching up with Nicola Huxley of Sphere Mortgages and Life Insurance. During our discussion, we delved into the role of technology in supporting Financial Advisers in providing advice to their clients. Nicola’s commitment to delivering high-quality advice to her clients is admirable, and she’s particularly enthusiastic about the benefits of PGPro, a technology solution designed to give the best possible protection recommendations based on quality and price. Here are some of her insights on what makes PGPro so valuable:
What stands out about PGPro:
- Customised Reports: One of the most impressive features is the tailor-made nature of the reports. Each report is personalised to the specific client and their family. During our trial, we generated reports for everyone in the office, and it was fascinating to see the differences in the results for each individual.
- Trust in Expertise: PGPro’s unique approach, where medical professionals evaluate the quality of a product, resonates with clients. As a doctor-led assessment, it instills confidence and trust in the recommendations, offering an independent and reliable perspective.
- Powerful Justification: I recently had a case where a client had independently gone online to compare products. Using the comprehensive PGPro report allowed me to justify my recommendation effectively. The impact was truly powerful.
- Budget Flexibility: PGPro offers the flexibility to input a budget, which allows advisers to demonstrate to clients the best protection options within their financial means.
- Child-Centric Insights: Including information about children and their ages is vital. This feature prevents advisers from needlessly recommending “enhanced” children’s cover when it may not be necessary, saving clients money.
- Educational Value: The PGPro report has also been an educational tool for me. It has expanded my understanding of various insurance products, enabling me to better serve my clients.
- Compliance and Consumer Duty: PGPro is a steadfast ally for compliance and upholding consumer protection standards, ensuring that advisers adhere to their responsibilities with ease.
And finally, Joanne Legg provided her thoughts on the recent announcement from Legal & General on changes made to both their Fracture Cover and Private Diagnostics services. Whilst there are several improvements for Private Diagnostics, the changes made to Fracture Cover are not quite so positive. Read more below: