4 reasons advisors should be using financial planning to help clients address all their insurance needs

Financial advice is in the spotlight.

A growing number of new mobile banking apps and online investing tools have placed financial advice at the centre of a much larger conversation about the value of advice. The financial media and social networks are changing the expectations of people when dealing with their financial advisors.

The value of good financial advice and the role of financial advisors in delivering it is top of mind for more and more clients. Financial planning can play a pivotal role in helping financial advisors provide the best advice to their clients, address more of their insurance needs and engage them in life-long service relationships.

In this article, I will highlight four ways that advisors can use The Razor to deliver more value and help clients see the big picture.

happy-client

1. Financial planning increases client engagement

A financial plan is no longer viewed as merely a “nice to have” for clients. Financial planning needs to be a necessary part of the insurance needs analysis you conduct for your clients, if you expect them to fully engage in all the services that you offer.

The Razor helps you do this by making the financial planning process client-friendly, interactive and easy for advisors. A typical financial plan analysis using The Razor takes about the same amount of time as a traditional insurance needs analysis. But unlike a typical insurance needs analysis, The Razor captures more information and about your client’s overall financial situation and helps you identify gaps in the client’s coverage that you can help to fill.

2. Save time with fast and efficient calculations

The Razor uses proprietary calculations to find the best solutions to your clients’ everyday financial problems. You start by engaging your client in meaningful discussions and needs analysis, then The Razor helps you quickly analyse any client situation to identify any gaps or shortfalls in coverage that should be discussed further with the client.

By focusing questions during the initial discovery meeting on the most relevant information, analysing the client’s situation in real-time is transformed from a long, complex process into an easy 15-minute activity that you can perform in all types of client meetings.

3. Address all your client’s insurance needs in one financial plan

Helping clients protect loved ones and ensuring that their plans for retirement are not at risk due to unexpected health problems is an important part of what insurance professionals do for their clients.

The Razor’s proven risk management methodology addresses all of your client’s insurance needs, including:

  • Life insurance for family security, wealth creation and estate planning;
  • Disability insurance for income replacement and retirement preservation;
  • Critical Illness insurance for lifestyle protection;
  • Long-Term Care insurance for retirement and estate preservation.

4. Help clients find the money

Recommending the right types and levels of coverage to your clients is only part of your job. Helping clients find the financial resources needed to pay for the coverage they need can sometimes be difficult, especially in these tough economic times.

The Razor’s interactive interface makes it easy to let your clients discover for themselves new ways for them to save money so that they can afford the right type and amount of coverage to protect their loved ones.


 

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