The overlooked gap in financial advice: research paper
As a financial advisor, you are experiencing rapid changes in client expectations. Like many other financial advisors in your industry you are looking for new ways to add value and grow your businesses. One way to tackle that challenge: understand and address your clients’ property and casualty (P&C) needs.
Successful individuals want P&C support
In a recent survey, we found that 77% of successful individuals expected their financial advisors to understand and point out property and casualty (P&C) risks they faced, such as inadequate car, homeowner’s, or personal liability coverage. However, only 28% of financial advisors provide that service. By supporting your clients’ P&C needs, you and your clients can both benefit.
Hear why and how Chubb engaged financial advisors and successful individuals to learn more about their behavior and expectations.
Hear how financial advisors and P&C Agents are working together to benefit their clients.
Many successful individuals are not fully protected
If something happens and your clients don’t have adequate P&C protection, their financial goals could be at risk. Those are the goals you helped them set.
*Source: 2018 Oliver Wyman Research."The Overlooked Gap in Financial Advice: How financial advisors can protect clients whose wealth may be at risk due to gaps in Property and Casualty coverage."
**Source: Insurance Research Council
Identify, address, and revisit your clients’ P&C risks
Financial advisors who take the extra steps to learn about P&C coverage will deepen their client relationships, expand their book of business by gaining referrals from P&C agents, and broadening their market differentiation. Getting started is simple – just three steps.
Educate yourself about P&C coverage so you can spot gaps in your clients’ protection.
Develop a network of P&C partners who routinely work with successful families and individuals, and can help your clients as well.
Follow up with your clients each year to ensure that they stay protected, even if their lives change.
Since financial advisors typically only manage about two-thirds of their clients’ total wealth, there is a clear opportunity for you to deepen your client relationships. Adding P&C support can do that.
P&C personal insurance brokers typically have a network beyond trust and estate attorneys and CPAs. For example, they have relationships with real estate brokers and art advisors.
81% have reported they get 1-5 referrals per year.
18% have reported they get >5 referrals per year.
Help isolate the gaps in property and casualty insurance with our easy-to-use checklists.. Perhaps your clients only need to review information for specific areas. We have you covered. Review with them or share to let them assess.