Products

Anyone that knows me, knows that I have built my business on a) providing quality advice and b) building relationships with people to help them on their path to financial freedom. Having said all of that in my line of work, understanding the “Products” you are invested in or insured with is important and particularly knowing that cheapest is not always best!!

It is my job to identify the needs of my clients, which is often determining how much insurance they need and/or how much money they need to invest to secure the future they want, but these needs are fulfilled by using investment or insurance products. Particularly with Insurance, there are options such as iSelect or Insurance products that are advertised such as Real Insurance, which are often a cheap option, but the benefit of seeing an adviser about your situation is that they will first identify how much cover is necessary for you as well as understand the various options and benefits that are attached to the policies that they recommend. An adviser will help you with the application and most importantly be there for you during the claims process, if necessary.

I have recently heard of a case where someone obtained Income Protection Insurance through iSelect. This person had 2 jobs and was assured by the iSelect phone operator that they would be covered for both occupations, however when an adviser took a look at the policy it turns out that the cover did not provide protection for one of the occupations that he had, and therefore it would have been next to impossible for him to claim on his policy. I am not saying that you should not use iSelect, I am saying that it some cases the benefits of advice far outweigh the additional costs you pay.

When I am reviewing my clients needs, I will always review the products, policies that they already have, even if I am the one that originally recommended them. What I am looking for when reviewing products (just as I would if I was purchasing a new Vacuum Cleaner) is how much will it cost? If it is more expensive than an alternative, what additional features do I get for the extra cost? Are these features that I want or need? I will always try to go with the cheapest alternative, but only if it also has all of the benefits and features that my client needs.

The product is by no means the most important part of Financial Planning Advice, however it is an important part and must be done properly!!

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