The Overlooked Gap in Financial Advice

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.

An opportunity

for both you and your clients

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.

Successful individuals want P&C support

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Hear why and how Chubb engaged financial advisors and successful individuals to learn more about their behavior and expectations.

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The risk

with your clients' financial goals

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.

Many successful individuals are not fully protected

See the difference

Craig & Vanessa

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Money to care for aging mom stolen through malware; disrupts ability to have mom move closer

Mid-40's

currently live in Englewood, CO

Planning to build a guest house

on the property to take care of Vanessa’s aging mom

Working with a financial planner

on goal of having enough money saved to care for aging parent and paying for their children’s college and graduate school.

Craig & Vanessa
Jennifer & Richard

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Heavy rainstorm floods home; decreases money in estate for children and grandchildren

58 years old

currently live in Southlake, TX

Plan to retire at age 62

and move to Santa Fe, NM

Would like to grow estate

as much as possible

Jennifer and Richard
Ramona and Tom

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Pipe burst results in water damage to home, delays retirement by 5 years

Early 60's

currently live in Glencoe, IL

2 adult children

who have left home

Home is 50% total wealth

significantly appreciated in value since they bought

Want to retire to Florida soon

will sell home, downsize and enjoy lower tax rates

Ramona and Tom
Rick and Sue

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Trampoline accident wipes out college savings, children not able to select their first choice private universities

Early 40's

currently live in the suburbs outside Dallas, TX

Set of twins

five years old

Home has four bedrooms

backyard includes a pool and trampoline, popular with their children’s friends

Want to save for private university education

as well as grow retirement savings and pay off house

Rick and Sue
Sonja

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Car accident and injury puts her life on hold for 3 years

Early 30's

rents a house in downtown Seattle, WA

Single, successful

member of a tech company that recently went public

Just bought an expensive car

and has begun working with an advisor to manage her finances

Likes to go on hiking trips

she drives to nearby national parks frequently in her new car

Sonja

Want to learn more?
You got it!

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Financial Advisors Lacking Holistic Approach Risk Losing Clients

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In their own words:
Our research supports a better outcome.

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Helping you

get started

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.

Identify, address, and revisit your clients’ P&C risks

Head

Identify

Educate yourself about P&C coverage so you can spot gaps in your clients’ protection.

People

Address

Develop a network of P&C partners who routinely work with successful families and individuals, and can help your clients as well.

Handshake

Revisit

Follow up with your clients each year to ensure that they stay protected, even if their lives change.

You don’t need to be a P&C expert You are adding value by making sure your clients get adequate advice from a quality P&C agent.

Hear how financial advisors and P&C Agents are working together to benefit their clients.

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Benefits to your business

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.

An expanded network

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.

House

Real estate brokers

Only 42% of financial advisors surveyed currently have relationships with realtors

Art

Art advisors

Only 16% of financial advisors have a relationship with art advisors

So when you provide P&C support to your clients, you grow the potential number of new referrals.

Annmarie Champ, EVP Personal Risk Services

Hungry for more? Dive into a webinar!

Join Annmarie Camp, EVP Personal Risk Services as she discusses The Overlooked Gap in Financial Advice: Why and how providing guidance on property and casualty insurance can help clients and advisors.

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Play Recording

Protection Outlook tool

One of the best ways for you and your clients to understand their situation with property and casualty coverage is to begin to get a profile of their exposure to risk. Help them assess with this easy discovery tool.

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Checklists

Help isolate the gaps in property and casualty insurance with our easy-to-use checklists

Annual Checklist

As your client's situations in life change, so do their insurance needs. This comprehensive checklist can help them fine-tune their needs with an annual review.

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Checklists By Topic

Perhaps your clients only need to review information for specific areas. We have you covered. Review with them or share to let them assess.

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Meet our Experts

Please reach out to an expert to ask a question, obtain more information or to get assistance in identifying an agent that is a good fit for you.

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Ben Bollenbacher

Assistant Vice President, Strategic Partnerships Manager for the Pacific Region and Canada at Chubb Personal Risk Services

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Ben Bollenbacher establishes and maintains relationships with trusted advisors to successful families. Over his 15 years at Chubb, his focus on communications, strategic development, regional event sponsorships and engagement with agents and brokers have given him expertise in helping independent agents craft insurance and risk management programs for their clients. Ben has a CAPI designation from the Wharton School of Business and has his executive MBA from Loyola Marymount University.

Aaron Hertsgaard

Assistant Vice President, Strategic Partnerships Manager for New York and Northeast Regions at Chubb Personal Risk Services

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Aaron Hertsgaard develops and cultivates connections with centers of influence—devoted advisors to successful families and individuals. His attention to strategic development, communications strategy, brand-building, alignment of regional marketing staff and regional event sponsorships have sparked engagement with agents and brokers. In his 12 years at Chubb, he has grown and retained $75 million in gross written premium at the Dallas branch and has served as a marketing specialist and sales support manager. Aaron has a CAPI designation from the Wharton School of Business.

Specialty Experts

Please reach out to one of our specialty experts if you would like to learn more about our capabilities or if you would simply like to ask them a question related to their area of expertise.

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FINE ART/COLLECTIBLES:

Laura Doyle

Vice President, Collections Manager at Chubb Personal Risk Services

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Laura Doyle has over 10 years of experience creating tailored risk management solutions for private collectors. In addition to developing collections education for agents, brokers and wealth advisors nationwide, she underwrites collections of fine art, wine and collectibles, and consults on assessment, display, transit, storage, museum loans and disaster planning. She has a certificate in appraisal studies of fine and decorative arts from New York University and a CAPI designation from the Wharton School of Business.

FAMILY OFFICE:

Kate Norris

Vice President, Family Office Practice Leader at Chubb Personal Risk Services

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With more than 18 years of industry experience, Kate focuses on personal insurance for successful clients—specifically, family office clients. She has developed an established track record working with family offices and is responsible for collaborating with independent agents and brokers to develop strategic opportunities that meet the unique needs of their valued family office clients.

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