Financial Adviser Survey reveals interesting findings

The survey results clearly highlight the benefits of having a relationship with a financial adviser.

“Financial advisers have an important role to play in helping clients prioritise spending, plan for their future and protect the legacies for their loved ones – creating peace of mind confidence and security.” says Johan Minnie, Liberty’s group executive for sales, distribution and bancassurance.

Liberty’s Financial Adviser Value Survey 2017 reveals:

  • 73% of consumers that have worked with a financial adviser had greater confidence in terms of their finances
  • 6 out of 10 consumers give their overall experience with intermediaries a top rating
  • 64% are more committed to achieving their financial goals as a result of their intermediary

There are four pillars of risks that are relevant to clients at every life stage. It is important that your adviser understand these four pillars, so that together you can then identify the type of cover you need according to your life stage.

Pillar One: Life Protection

Dealing with death is difficult enough without having to manage the financial burden too. In the unfortunate event of your death, Life Protection allows your beneficiaries to deal with the financial impact of your death.

Pillar Two: Income Protection

During uncertain economic times like this, it is important to protect your income. Your income determines your lifestyle, if you lose it, you could jeopardise everything you’ve worked for. Income protection covers the risk of losing your salary due to retrenchment or a serious disability.

Pillar Three: Lifestyle Protection

Recovering from the treatment of a critical illness such as cancer is not only emotionally and physically draining; it also inhibits your ability to earn an income. Lifestyle Protection covers the financial risk and cost of recuperating from critical illness and trauma.

Pillar Four: Policy Protection

Losing your income and being unable to pay your long-term insurance premiums can result in your cover being cancelled. In the event of a claim, you could be left uninsured. Policy protection covers the risk of losing cover because you are unable to make your premium payments.

Minnie says, “It is important that you understand the intrinsic details of the solutions that exist in product suites. The role of the adviser is to offer you the best advice, based on your own personal needs and life stage – your level of risk that best meets your needs.”

For this reason it is important to maintain a long-term relationship with your financial adviser. In this way, you can set your goals, work towards them and embark on a financial journey that will lead you to financial freedom.

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