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The good news was that general insurance covers motor failure in fridges and dishwashers and the like.

The really bad news was that my policy did not cover motor breakdown.

The good news is that now I know, and now it does.

I’m not covered this time, but next time I will be and I’ve now learned that reading my insurance policy is a good idea.

But it’s not just about reading the policy, it’s about knowing what to look for and what the small print might include.

And that’s where, in this new environment of advisers proving their value proposition, that little tips even on things like general insurance – which advisers are unlikely to sell – can prove valuable to clients.

For life insurance, which you of course are more likely to sell, there are plenty of ways in which you can prove value. Often it won’t be appreciated until claim time, but you can explain to clients what their lives would look like without insurance.

How would a couple bring up two children if one of the couple was no longer there, working or taking care of them? If the non-working partner was no longer there could the working partner continue to work? Would they need a break before working again? In some ways would it be more difficult if one partner became severely disabled.

It’s difficult sometimes for clients to see past the potential accident or illness or death to the life beyond that. This is where you, as an adviser, can truly enlighten them.

Don’t feel that it’s obvious. Don’t feel that the small print – does not need explaining and the consequences of all the insurance options are not detailed.

Once you have really enlightened a client, I would find it difficult to imagine that clients would choose not to be insured.

And beyond proving your value to the client, you are securing a revenue stream which will hopefully diversify your business. Even in a fee for service environment, the insurance piece will win you clients even when they’re not looking to invest.

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This week I’m happy to say that some financial planners are going above and beyond by sending Christmas cards to clients and providing them with a final newsletter with financial tips over Christmas and generally letting them know their financial planners own plans for the holiday season.

It’s certainly connecting with your clientele that is repeatedly affirmed as essential to building your business and profitability.

It’s not hard. The note needs just to say –

A note at this time this makes your client think of you in what is essentially a personal family time. You are building a relationship by participating with them as a trusted adviser during this time. You are not asking for anything – just giving of your thoughts and expertise. This can only bring good returns in the new year.

Most clients have a personal email address for you to use. They are likely to be checking emails right up until Christmas. You still have the best part of a week to wish them and have them thinking of you again.

Start drafting and good luck.

If you can’t manage it by Christmas, start the new year with a welcome to 2011. Provide a few tips of getting through the holiday season – get them tracking back to budget. Provide a call to action and once again emphasise your value to them and more broadly the value of advice.

That’s all folks for 2010.

Merry Christmas to you one and all and a bright and fortune filled 2011.

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It made me focus on an important message that still seems lacking in some areas of the financial planning world.

I cannot recall the number of times that I’ve heard business coaches and consultants tell financial planners that checking in with their clients – by calling them once a quarter or when the market is experiencing swings or when their situations change is returned several fold to the business.

It’s such a simple win that I assume the message has gotten through.

And it’s not a new idea. In the decade or so I’ve been involved in the financial planning world I’ve heard it said again and again. Call your clients!

The business of financial planning is about building relationships and trust so keeping in touch is vital.

This week I heard that one of the reasons clients give often for leaving their planner is that he or she didn’t return my calls.

I find that amazing. What an easy win. During this time, when it is more than usually important to justify the cost of advice and demonstrate the value – a phone call is surely a small ask.

Over three months’ ago, I contacted my financial planner about my changed circumstances. I’d put my investments on hold and said I’d call when I was ready to start reinvesting.

Since then, I started a new job, circumstances again changed and I hadn’t called. But I’ve had no call from him either.

I’m now ready to restart my investments. Do you think I’m going to call?

When circumstances change, often there is a cleansing moment. Cleaning out my wardrobe was one of my actions, redoing my financial plan was another.

If my financial planner had run to ask how I was doing, show empathy with changing circumstances, ask if there was anything he could help with I would have made an appointment to talk strategy.

As he didn’t and I was keen to change strategies I found someone else who has already demonstrated greater understanding.

It’s a personal relationship and financial planners should never forget this. The argument that the planner owns the client can only work if the relationship between the client and planners is solid and maintained.

Business Health has crunched the numbers on how much difference being in touch with clients can positively affect a business’s profitability.

These are sobering stats for those who haven’t picked up the phone but encouraging for those who keep in touch.

Remember, as Blondie said, Call Me. Call me on the line, call me anytime.

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“Trust is fundamental to the advice relationship,” Dr Taggart said. “We know from our own Back to Basics consumer research that those who have advisers highly trust them – in fact they rank advisers as the most trusted professional, after specialist doctors and dentists. However, those who don’t have advisers don’t trust them. We have to ask ourselves why.”

Dr Taggart said the industry funds movement’s multi-million dollar anti-adviser advertising campaigns had a lot to answer for. “Such campaigns only stoke and prolong the crisis in consumer confidence brought about by the global financial crisis,” he said. “Members’ money could be better spent on campaigns which set about restoring confidence in superannuation and advice, so that consumers are better positioned to grow their wealth and protect their assets.”

However, Dr Taggart said that if the industry funds movement intends to continue with negative advertising campaigns, advisers must prepare for battle.

“We have been too quiet for too long and ultimately, silence becomes consent,” Dr Taggart said. “The future of advice is now up for grabs and the only people who can fight this battle are those of us who truly believe in the value of advice. No-one else is going to fight our battles for us. We have to stand up for what we believe in.”

AFA CEO, Richard Klipin said the Roy Morgan research reinforced aspects of the AFA’s Back to Basics Consumer Research, conducted by CoreData/brandmanagement earlier this year.

“The Roy Morgan analysis says what the AFA has been saying for some time now,” Mr Klipin said, “And that is that the current proposed “reforms” may actually limit consumer access to advice.”

Roy Morgan analysis revealed:

• a ban on commissions may make financial advice unaffordable for the very people who need it most
• proposed ‘reforms’ may in fact impede access to financial advice

Mr Klipin said the AFA will be making a major announcement in relation to restoring consumer confidence in advice at the AFA National Convention which opens on the Gold Coast on Sunday.

The AFA’s Back to Basics Consumer Research, conducted by CoreData/brandmanagement earlier this year revealed that people who receive advice:

• highly value that advice
• are better off
• have greater peace of mind
• have greater control of their financial future
• rate financial advisers as the third most trusted professionals, after specialist doctors and dentists

The Back to Basics White Paper can be downloaded here

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Deborah Potts, National Manager Magnitude, said the conference theme reflected their strategy of learning and working together towards a more efficient, transparent and client-focused industry.

“By sharing our practical and theoretical knowledge and merging our experiences we will successfully enhance our own businesses, the collective business of Magnitude, and the financial services industry,” she said.

“The program‟s combination of expert plenary, workshop and discussion forums includes external inspirational speakers John McGrath and Matt Church as well as risk expert, Chris Unwin.

“It also allows for the greatest amount of knowledge transfer, skill building and tips with sessions including maximising client engagement, exploring the right pricing options for a business‟ operating model and advice on how to spend your marketing dollars wisely.”

Deborah said Magnitude has been successful in building a highly productive dealer group from a standing start and believes their growth will come from advisers looking for a dealer group that supports them from a start-up proposition to an established practice.

“We believe we can match current and future advisers‟ service expectations and delivery experience, and offer the right ‘value-add’ services to help advisers grow their business,” she concluded.

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