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GOAL SETTING AND FINANCIAL PLAN

GOAL SETTING AND FINANCIAL PLAN. introduction. With the introduction of the TCF (Treat Customers Fairly) principle based legislation, Old Mutual positioned advice as core component of the sales process within the Insurance industry.

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GOAL SETTING AND FINANCIAL PLAN

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  1. GOAL SETTING AND FINANCIAL PLAN

  2. introduction With the introduction of the TCF (Treat Customers Fairly) principle based legislation, Old Mutual positioned advice as core component of the sales process within the Insurance industry. Without proper advice, no salesman will survive when the TCF legislation is implemented. As a result our focus has moved from selling products to rather ensure advisers partner with their customers throughout their life to meet their goals and dreams. To do this we need to understand and respond to : • the customers’ goals and dreams • the importance of these goals to a customer’s life at a particular period in time • how to create wealth and provide financial freedom

  3. The advice-led conversation • Advice is a verbal activity which is evident throughout the conversation. • All aspects of the customers life has an impact on the final outcome of the conversation and therefore the adviser has to know more about the customer’s life than just the obvious. • Life Stages; Spent behaviour; Goal setting; Financial needs without a product push • A richer conversation adds value to the advice process. • Affordability discussion shifts to introduce the focus on spent behaviour and not only on the R-value available after deductions. The spent behaviour is a critical factor in the drive to sell products the customer can afford. • Advice is driven and recognized through financial education input and guidance. • The advice-led conversation does not have to conclude in a sale at point of conversation. • The Financial Plan is completed and represents the basis of evidence of the advice-led conversation. • Financial Plan is the foundation of all future customer engagements & sales.

  4. How do we support the advice-led conversation The following changes are evident to support the new advice world that we creating in RMM • FNA is replaced with Goal Setting & Financial Plan • Financial Plan supports a long term engagement – not once off discussions • Affordability section includes more detailed expenses • Financial needs related questions reviewed – questions shorter and more needs focused vs. current product driven questions • FAIS compliance checklist (questions) reviewed and updated – due for distribution by 10 April 2014 • Life stages sales aid designed – as diary insert • Electronic sales aid (smooth bonus slides with voice option) included on om-konect • Future scripting capability • Advice-led conversations & Financial Plan management supports persistency indicators

  5. The new application form

  6. Affordability

  7. Goal setting

  8. Goal setting √ √ 2 0 1 1 1 2 1

  9. Goal setting √ √

  10. Financial plan

  11. Financial plan

  12. Financial plan

  13. Financial plan

  14. Financial plan

  15. Financial plan

  16. Financial plan

  17. Financial plan

  18. Financial plan

  19. Other application form updates Effective 5 April 2014

  20. The following updates on the application form • Unclaimed Assets – more details re beneficiaries are required when a beneficiary is selected – an additional page has been designed to accommodate this enhancement. Main reason for this change – beneficiaries cannot be traced at claim stage. • Tax reference number – in preparation for legislative ruling on tax numbers being captured for products with tax benefits, we have made provision for a field to capture the tax number with relevant validations but it is not a compulsory field yet. • Max cover increase – ASISA increased the cap on Zimele products to R50,000. • Updating of personal information at Life Plan Call Centre – during conversation with customer as part of the Life Plan underwriting process, the Call Centre agents will now have access to customer personal details in order to update customer information – in the past the Call Centre rejected these cases. • Salary band has been removed – capture actual income. • General logo updates & new branding look & feel.

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