Competition for the Rich

As reported by YAHOO! Finance, competition picks up in insurance for the rich. 

What can you do to better compete in this increasingly competitive market, and/or better protect clients against overly-aggressive sales/marketing tactics in response to such increased competition? 

The best way to better compete is to give the client what they want.  Clients and their advisors want transparency.

The dramatic increase in lawsuits and arbitrations against financial advisors over the past few years clearly indicates that clients want more information about that which they are buying/being sold (i.e., if they got all the information they needed to make a prudent decision in the first place, then they would have no grounds to file complaints after the fact). 

The best way to protect clients against overly-aggressive sales/marketing tactics is also to demand independent research to verify both claims of competitive pricing and performance and to ensure overall suitability. 

Using independent research in this increasingly competitive market can service the needs of all, not just the rich, by …

¼ helping advisors better protect clients while helping agents/brokers open and close cases faster by giving the client and their advisors the answer to the question they all really want to know (i.e., How much am I really being charged for life insurance?).  

¼ making clients and advisors lives simpler by being able to deal with a single agent/broker who can independent verify their claims for competitive pricing and performance which at the same time helps the broker eliminate competition in advance with greater market intelligence to compete with and win against other agents/broker without such information. 

¼leads to more referrals between agents/brokers and independent advisors (like CPAs, Tax Attorneys and Trust Officers) who are used to using independent research in other areas of their practices every day, and results in better coordination between the agent/broker and the client’s independent advisors and thus better results for the client. 

THEInsuranceAdvisor.COM provides the empirical pricing and performance research essential to any complete investigation of life insurance policy suitability (as defined by FINRA or the Prudent Investor Act) and which can then lead to independent and objective suitability determinations.  While due care is an emerging field, and while there is room for a difference of opinion in some areas, THEInsuranceAdvisor.COM goes well beyond overly-simplified comparisons of comingled and hypothetical policy values to better protect and/or compete in any market segment.

Use the Confidential Policy Evaluator (CPE) Research Reports to determine the appropriateness of pricing, the reasonableness of performance expectations for invested assets underlying policy cash values, and overall suitability for you(r) clients' policies based on the 5 factors of suitability.  Click here and get up to 3 Confidential Policy Evaluator (CPE) Research Reports under our NO-RISK trial subscription.