Are you open to consider using nominated representative services as a way to support client retention?
- Yes (49%)
- No (47%)
- Not sure (3%)
Loading ...Our latest poll is based around the initiative announced by Partners Life last week, which is set to deliver a supplementary advice service via nominated representatives (see: Launch of Client Advice Support Initiative).
According to Partners Life, its client engagement team members currently have very little scope to have what the insurer terms “…truly constructive conversations with clients” due to the limitations of the type of financial advice they could give.
The idea behind insurers (and/or other advice providers) training staff to become eligible nominated representatives means these team members can now begin to have more “robust” conversations with clients on issues around affordability and retention of cover.
Naturally, there remain limitations around the scope of such conversations, and advisers can opt out of using such services if they wish.
According to Partners Life, the benefits delivered by nominated representatives include:
- Avoiding commission claw-backs
- Maximising renewal income
- Helping to maintain a healthy persistency rate
What is your thinking around using nominated representatives for your client base? Are you sufficiently informed as to the scope of such services as they commence their roll-out? Is this something which you and/or your advice business will welcome?
Let us know what you think and we’ll report back next week…