Ready to fly?
Planes, trains and automobiles. Trams, buses and bicycles.
We pick our means of transport based on budget, availability, prestige, access etc.
So how do you want to travel in 2013? Not so much literally, but conceptually.
Are you looking to launch, or just hum along?
A plane can’t take off without getting to the runway – do you know what obstacles await? And how might you overcome them?
Food for thought as we wind down 2012.
Around 1 in 3 clients engage me in a discussion about whether or not insurance is a good gamble.
Chances are that your insurer will profit in the long run.
But can you afford to be right?
Let’s not kid ourselves. Insurers are in it to make a profit. If they are doing a good job, they are pricing the policies in a way where they will receive more money than the claims they will need to pay out in the long run. As consumers (in general), we wouldn’t want it any other way. Otherwise, the insurers would not be able to provide the protection we need.
But do we want to win as individuals? Well, yes and no. Of course we want our insurers to pay out if we become sick or should we die prematurely. But that is not really a win. Practically every client has stressed to me at some point, ‘I hope I never have to make a claim’.
Personally, I hope that I get to spend a lot of money on insurance throughout my life without ever having to claim. But isn’t that a waste? No, as it provides me with valuable protection should things go wrong.
It is easy to say to clients ‘Don’t worry – I will take care of everything’.
And while we may trust ourselves to deliver, it not unreasonable for people to doubt this.
We’ve all been let down. Things can and do go wrong.
And why SHOULD clients trust us?
Being trustworthy does not automatically mean people will trust you.
I guess it starts with trustworthiness. – something that we can know implicitly.
But does our knowledge of this ‘fact’ automatically transfer to others? It is neither automatic nor is it guaranteed.
Not only do we have to act trust-worthily, we need to continuously communicate our commitments, values and expertise (all while providing updates on ‘what’s happening’).
This illustrates one of the important roles played by thoughtful and deliberate branding.
From Solicitor to Barrister – Will Her Income Change?
A new client of mine will soon transition from an employee solicitor to a self-employed barrister.
She doesn’t have income protection insurance at the moment and the standard response to any application made now will be ‘How do we know she is going to maintain her current level of income?’.
As a result, the only cover type available will be an ‘Indemnity’ policy which has the disadvantage of allowing for claims to be reduced if her income has declined (compared to now) at the time of claim.
After some extensive research and delicate negotiation, I have found a leading underwriter who is prepared to offer her an ‘Agreed’ contract on the basis of common sense (rather than guidelines).
This solves her problem entirely.
I love getting results for my clients such as this one.
The Financial Standard has launched a great initiative to promote ‘Social Advice’ called the ‘Smileys’. It took me a while, but I’ve now realised that the name comes from Social Media Influence, Leadership + Excellence Scholarship. The awards take place next week on Thursday 15th Nov 2012 and you can follow live updates on Twitter at @fssmileys.
To celebrate the Smileys I’ve put together a short video on why financial advisers should ‘bother’ about social media. Hope you like it.
I’m proud and thankful to say that I I am one of 12 finalists and here is the full list in alphabetical order (makes me finish last almost every time if we go by surname):
I am making a concerted effort to see my family more and it is paying dividends.
I was recently at home when my baby took her first steps.
I am now leaving work to see my eldest in her first ballet concert.
Risk Insurance is my passion but nothing compares to the joy these activities give me.
Wow. There is a lot to do when setting up a new business.
At least I can see the runway now.
Seat-belts on. Look forward to flying soon.
