Improving client retention – Legal & General helps advisers support clients during turbulent times

by | Jan 25, 2023

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In this online web series for IFA Magazine, Legal & General highlights 5 key ways they are helping advisers to support clients through today’s challenging economic and market conditions.

In the first instalment of this practical series, Legal & General explores ways in which advisers can look to improve their client retention – a key business objective.

Improve your client retention:

With the current cost-of-living crisis taking a major toll on the lives of millions of people in the UK as well as the business economy, advisers are likely to feel concerned about how the crisis will affect their business.

 

In addition, the possibility of clients no longer accessing professional financial advice services in order to cut back on their outgoings is a particular concern.

In response to this, Legal & General has revealed its top tips, tools and resources to help advisers retain their current client base.

  1. Sign up for lapse notifications when clients cancel policies

One sign of a household budget under pressure might be that clients look to cancel their existing policies. Legal & General’s Existing Business Agent Hub (EBAH) alerts advisers when clients miss payments or ask to cancel a policy. Make sure that your preferences are set up correctly to ensure you’re always up to date with the latest details. 

 

Ensure your preferences are set up to receive these notifications

  • Understand the financial resilience of households and what essentials clients are looking to cut back on

Reports suggest that the average UK working household is only 19 days from the breadline. And once they have covered basic costs like rent or mortgage payments, utilities, and food, the average household has £700 left to cover everything else. This doesn’t account for other essential costs they may have to cover like fuel, mobile phone contracts and broadband. Legal & General’s latest Deadline to Breadline 2022 report uncovers  detailed insights to support your client conversations.

To find out more about how the cost-of-living crisis is impacting clients, click here to read Legal & General’s Deadline to Breadline 2022 research.

 
  • Remind clients why protection is so important

Legal & General has created a range of sales aids to help you remind clients why they have protection policies in place. They also detail any additional benefits the policies include that clients may not be aware of.

Access the sales aids here

Make sure you check out the next article in this useful 5-part series, and for more information on how Legal & General is supporting advisers support clients, access their cost of living toolkit here.

 

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