Advisers should choose working smarter over working harder and stop making excuses for not talking about protection with customers.
This is according to industry veteran Richard Kateley, who recently retired after three decades at Legal & General and was speaking at the Protection Review’s ProtectX4 event.
Kateley (pictured) explained that by extending conversations out with customers to include protection, advisers can fulfil both their duty of care to the client and reach their commercial objectives.
“We all need to stop making excuses for why we don’t talk to all of our customers about protection,” he said.
“In my career I have never heard an adviser say to me, ‘You know what? I think I talk to my clients far too much about protection.’ In fact, I know it’s the exact opposite they say: ‘I know I should talk to my clients but…’
“And we just need to remove that ‘but’ and replace it with an ‘I will’.”
Kateley said talking about protection insurance met an adviser’s duty of care, adding that clients forced to take time off due to illness or injury or who have been struck down with cancer, would challenge advisers who failed to talk to them about protection in previous conversations.
He added these customers would not accept excuses provided by intermediaries such as they were too busy with other clients or that they didn’t have the time.
Missed opportunities
Kateley challenged advisers to make the most of each conversation and said not doing so is a huge missed opportunity.
“When was the last time for example you went to a car showroom and the sales person just showed you the bottom of the range and sold that to you?” he continued.
“No, they show you the top of the range and they sell you the dream, the leather, the sound system, even the metallic paint. Why? Because they are trying to get the best return from each and every sales interaction.
“I sometimes think we forget that at the end of the day, you’re all running businesses and we’re in business to be profitable. Yes, it takes a little bit longer but if the returns per sale are higher than you can afford to see fewer clients and still earn the same amount.
“It’s simply called working smarter not harder – this way the client has been put in a more informed position and can therefore make a more informed decision about what suits them and not maybe what suits the sales person.”
