The most valuable service a risk adviser can offer their clients is claims management as solicitors are becoming involved in this space, according to AMP Financial Services.
National development manager, wealth protection, Melinda Fox told delegates at the 2017 Association of Financial Advisers (AFA) National Adviser Conference at the Gold Coast last week advisers would have to provide emotional support and act as an advocate for the client with the insurance company, employers, and health specialists.
“If you’re not working in the claims management space for your clients, can I urge you to reconsider that?” she said.
“Obviously lots of solicitors are getting involved in this because clients are feeling fearful. They’re feeling they can’t do it on their own and they need support.”
When working in claims management with a client, advisers would need to consider requirements including rehabilitation, miscellaneous services clients may require such as cleaners or food delivery, ascertaining whether there was more money they could supply to clients, and estate planning issues in death claims.
It might also involve establishing income streams for dependents.
“This is a massive job that we do. Statistically, we know that if they get insured advice for their insurance they will get better cover at high levels, and much better outcomes at claim time,” Fox said.
“Australians continue to be underinsured. This is a massive opportunity for you to get out there and talk to them and give them insured advice. It’s sustainable, there are ways that you can be profitable into the future.”