View more on these topics

Why client journeys need to be easier

The value protection brings in terms of peace of mind far outweighs the cost. But it does not always outweigh inertia.

For instance, relevant life policies (when you qualify for them, say, as a shareholding director of an SME) deliver that peace of mind at a tax-reduced cost with tax-free benefits. Tick. As an employer looking to reward and encourage loyalty in key employees with family and dependants, setting up and paying for an RLP delivers tax-reduced, tax-free benefits for the employee. Low-cost loyalty.

What is not to like? Yet for nearly a year after the birth of my first child, the application pack sat on my desk. Here are some of the things I achieved while not kicking an RLP into place:

1: A full audit on the number of handles in our home, partly because mini Wickenden loved handles and partly to assess the level of proofing required for when he was able get at what’s behind said handles.

2: Mastered the voices of all eight Octonauts (Shiver me’ whiskers!).

3: Had 11 haircuts.

Newton’s first law of motion states: “An object at rest will stay at rest, forever, as long as nothing pushes or pulls on it. An object in motion will stay in motion, traveling in a straight line, forever, until something pushes or pulls on it.”

So, what does it take to create this kind of unstoppable motion? What is necessary to overcome the huge proportions of advised clients that agree there is a need, see the benefits and still do nothing?

The Railway Passengers Assurance Company (circa 1849) used to have insurance ticket machines on platforms covering death and disablement. While I am not advocating a wholesale shift to a D2C model of this ilk, it does underline that more could be done to align with (and positively influence) the consumer’s journey.

The fact is that the deliberate, logical part of your mind capable of analysing a problem and coming up with a rational answer (and the part of the brain that most of our industry’s efforts are aimed at most of the time) is slow, requires a great deal of energy and is extremely lazy. On the other hand, the intuitive part of your mind is powerful and is responsible for most of the things that you say, do, think and believe.

That is not going to change but what can change is what we do as an industry to help more people arrive at better outcomes.

Phil Wickenden is managing director at Cicero Research

Recommended

Old Mutual Wealth 2014
3

Old Mutual to rebrand advice business as part of float

Old Mutual Wealth will be rebranding as Quilter after its planned listing early next year. Intrinsic advisers will fall under a new Quilter Financial Planning brand. Old Mutual’s higher end advice business, Private Client Advisers, will also rebrand as Quilter Private Client Advisers. The two advice businesses will be rolled together with Quilter Cheviot and […]

Former Axa Wealth boss Kellard joins Brewin Dolphin board

Former AXA Wealth chief executive Mike Kellard is to take up a non-executive role at Brewin Dolphin, a year after his departure  from AXA Wealth. As revealed by Money Marketing, Kellard left Axa in October a year ago as parts of the business were sold off. Deals included the acquisition of Axa’s Elevate platform by […]

5

Has the FCA gone far enough to tackle PI problems?

The FCA has surprised the industry by deciding against decisive intervention in the professional indemnity insurance market. The regulator had previously suggested it could take tough action in the market after acknowledging that cover was “not working” for IFAs. The FCA originally asked for opinions on introducing mandatory terms into policies, forcing firms to hold […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment