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Advice Process Guides

Everything you always wanted to know about how to advise on life risk insurance but were afraid to ask

This is the 'HOW TO' training guide for providing end-to-end life risk advice

  • From initial client engagement through to claims assistance and conducting annual reviews
  • A must-read reference for new or inexperienced advisers and practice development managers
  • Perfect for training new practice staff

Please remember that by emailing us at info@theriskstore.com.au you are welcome to debate or offer improvement about this content.

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Advice Process Guide: Overview
Everything you always wanted to know about how to advise on life risk insurance but were afraid to ask - read this two pager to get an immediate understanding of how this guide can assist you whether you are a newbie or highly experienced adviser.
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Advice Process Guide: Stage 01 and 02 - Client Engagement
This stage is your opportunity to capture the client’s commitment to the importance of the process as a process. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 03 - Initial Interviewing
This is what we commonly call the fact finding stage. It’s possibly too simplistic a name for a part of the process which establishes all the foundations for the full analysis and recommendations to follow, because only half of the useful and necessary information which needs to be gathered would constitute ‘facts’. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 04 - Needs Analysis
You have gathered all the information you need to sit down and prepare your report for the client. This report has a final outcome and in most cases that is to recommend the purchase of insurance policies. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 05 - Product Packaging
The needs analysis process is being done and while each of the trigger events is being catered for, there also needs to be attention given to how each product solution is going to deliver its benefits at each of the triggering events. Deciding how to create and tailor a suite of products which can accommodate the client’s needs and fill any cross gaps which are inherent in the product design limitations is a part of the analysis process and that is what this stage consists of. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 06 - Product Research
The needs analysis is complete, the range of products and the sums insured are determined – this is the point at which the client’s circumstances are matched to the various insurers’ products and a suite of products is selected for each insured – be they family or business clients. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 07 - Structuring the Advice Document
The product packaging has been done and the research has determined the product or selection of products to be incorporated into the advice document. All this information leading to the final recommendations and all the supporting calculations and rationale, need to be pulled together into a set of words which is decipherable to a lay person such that they can make informed choices from its contents! That's what this stage is! This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 08 - Presenting the Advice Document
This, simply, in the old terminology, is when the sale is completed! Of course these days the client is much more informed and there is a more formal process of presentation of the advice document and the compliance procedures around that. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 09 - Manage the Client’s ‘Tailoring Decisions’
When a client does not want to proceed with the full recommendations it is the next stage in your role as advice-giver, to lead them to an informed and acceptable compromise in the portfolio of insurance. This is not a time to let the client take it home and think about it as they are not equipped with knowledge of what impact certain changes to the cover will have. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 10 - Completing the Paperwork
The most dreaded stage of all!! Once the client has decided on what they want to purchase then the adviser and the client need to sit down and work their way through all the paperwork required. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 11 - Field Underwriting
Field underwriting is the skill an adviser develops which contributes to the front-line task of assessing a potential insured as to their suitability for insurance. It’s always all about managing the client’s expectations in order to remove as much room for conflict and obstruction to the process, as possible. The life risk insurance advice process is difficult enough to fulfil without the client enduring surprise adverse outcomes along the way. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 12 - Managing the Submission Process
The application(s) and other paperwork are complete and need to be checked and submitted to the insurer now for underwriting. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 13 - Communicating the Underwriting Progress
During the course of the underwriting there are often several iterations of evidence gathering and additional information to be managed. The adviser is the middleman and is expected to communicate the needs of the underwriter to the client and facilitate the production of the required evidence or information. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 14 - Finalising the Portfolio
This is a simple stage but an important one which cements the relationship and gives the adviser and client the chance to validate the value of all that has just transpired. This is a stage which is more about communication and a bit of ‘tidying up’; or at worst it is the handover back to the investment advising process (if the client is uninsurable). This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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Advice Process Guide: Stage 15 - Pre-empting the Review Process
This stage happens in two parts. The first notice of the review process is given to the client as soon as all their cover is in place. Then the second notice of the review process occurs when you have had this client for almost a year. It is time to check what changes may have occurred in his/her/their circumstances, which in turn may necessitate an alteration in their portfolio or its structure. This guide comprises of the following sections: Purpose, Managing Client Expectations, Your Part, Make The Most Of The Relationship-Building Opportunities, Build Your Practice’s Infrastructure and Deal with any possible conflicts or showstoppers.
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