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Financial resilience and the art of selling


Mike Farrell, Director of Protection Sales

A lot of progress has been made professionalising the advice sector with qualifications, examinations and CPD. But we know that people don’t buy based on facts and logic, they buy through emotion – too often we forget that. Selling is an integral ingredient to financial planning, and an absolute essential when it comes to protection and the financial resilience of your clients.

That’s why at LV= we concentrate on supporting advisers in drawing out the importance of income – introducing, framing and talking protection. Take our Risk Reality Calculator as an example. It’s great for starting conversations about protection without talking products. It triggers our innate human curiosity – everyone wants to know what their results will be.

Our most valuable asset

Ultimately our aim is to help more families be financially resilient, but our experience, and that of the advisers we speak to, tells us that clients often struggle to see the value of a regular income over a single lump-sum payment. It's one of the reasons why term and critical illness advised sales significantly outstrip income protection.

So if you’re looking to help the client remember what their most valuable asset is, why not remind them that they probably insure their household appliances like a TV, definitely insure their car and their house, but for some reason they often don’t insure their most important and valuable asset – themselves and their (ability to earn) an income.

Adding value

We’re also seeing advisers use added value services to highlight the wider emotional, family, health and practical support services for life’s little bumps in the road.

Mobile-based access to GPs, second opinion services, physio and counselling services are providing instant access to experts, and are far more relatable for clients than the big life shocks (that no-one wants to think about anyway). They are also proving an easier way to introduce the idea and a more tangible value of protection.

Selling is our business

This brings me back to the beginning. Sales skills are imperative in us fulfilling our mutual ‘duty of care’ and principle of ‘acting in the best interests of our customers’. And we shouldn’t be afraid to sell, but should sell the need not the product. The vast majority of people don’t wake up with a stonking urge to rush out and buy some protection, but we really should remind them of their most valuable asset, and that it needs to be protected.

Find our more on our protection range by contacting your account manager.

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