The Power Hour
means for mortgages but about the value that protection offers. Part of this education process is advisers learning how to be passionate about protection benefits. Probably 90% of the training that we do at MAB is on protection. You have to believe in the benefits of protection, lucky or unlucky. And you have to paint the unlucky scenario for customers. Illustrate it with real life situations and personal experiences.
one major Provider Has sPlasHed iTs casH on a Tv adverTising camPaign recenTly Trying To raise consumer awareness. sHould THere be more of an efforT made by Providers across THe markeT? P Brown: I think Aviva’s life cover advert is good and it’s getting the message out there. At a recent peer group meeting we talked about the protection gap being so large and that we could never seem to get the good news stories out there, rather it’s always the watchdog claims gone bad that make the headlines. But we need to be careful we don’t create our own destiny here. There are so many good news stories in protection about people who reap the benefit of having got cover and get the payouts they deserve. We should be getting those stories out there. I’ve been in the industry for 20 plus years because what we do is seriously important and it does make a difference to people’s lives.
is THere a role for ami To Play in geTTing THaT message ouT? RS: We’re aligned to working with providers to help get good news stories out into the public domain but I think the
more important role for AMI is how we get that passion right amongst advisers. I think that Peter’s right, unless you’re passionate about this you don’t make a difference.
The way the government’s Money Advice service approaches consumer education on this is interesting, particularly because the fact finding process for protection is not the way that we talk about fact finding in our industry. Questions are “touchy feely”. The conversation has to be talking to people in their own language about what is concerning and worrying them. Are you
worried about your debt? Are you worried about when you’re going to die? Are you worried about losing your job? Are you worried about what happens if you get sick?
Intermediaries have to get people to evaluate the things that are worrying them, the fear issues. Once you’ve got clients to admit these worries advisers then have to work out how to get them to take the next step into taking action. Our challenge as an industry is going to be how to take people who are worried about the risks to people who are willing to do something about it.
40 mortgage introducer JUNE 2011
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