This is one of the key lines in the Consumer Duty paper and is clearly important. If we think about how you fact find your clients and what questions you currently ask, could applying this cross-cutting requirement enhance your protection processes, if you don’t already do it?
Now, let’s flip it on the head for a moment and think about our own lives. If I were to ask you “what are your financial objectives”, what would you say?
- Would it be to pay off your mortgage?
- Build up your pension pot for retirement?
- Helping your children through university?
- Or just being able to be there to help financially when your family needs it.
The point is, as we know, asking that question “what are your financial objectives?” can open a variety of answers and help you enhance your client interactions. I would also suggest that it’s a great opportunity to discuss income protection. For most people, if they didn’t have a regular income, it would be difficult to achieve their financial objectives.
The moment of truth
To position protection and bring your advice to life, incorporating real claim case studies can help you demonstrate the difference protection can make following a life-changing event. They are a great way to show your clients how protection works in practice and overcome client objections by showing that protection pays.
A powerful example that I often share is Jennie Gow’s story. In December 2022, she suffered an unexpected and life-changing stroke. She shared her story with us on how Income Protection supported her, and her family, at a difficult time.
Integrating real life examples not only in your initial conversations, but throughout every stage of your advice process can help bring to life your recommendations and help engage your clients with protection.
