1) Most clients have never undergone a comprehensive Lifestyle and Risk Analysis.
2) A client’s needs change over time. If a regular, comprehensive review is not completed, coverage gaps will develop.
3) The availability of coverage changes over time. Regular reviews makes sure the client has the most up to date coverage based on their present needs.
4) Clients think “I have Chubb, AIG, PURE; I have the best coverage available.” A standard policy from any of these companies generally will not properly protect a sophisticated client’s needs.
5) Since most clients have never had such a review, it provides one more reason to see that your firm embraces an ongoing, comprehensive review of their financial wellbeing.
Brian P Boak, CPRIA, CLU, LUTCF
Insurance Fiduciary, P&C