Industry Interview

With Charn Swart

With 11 years of experience in the Financial Services sector, Charn is a practising CFP® at Trustsure Financial Services.  Being a representative of this industry enables Charn to meet a variety of different people, particularly small business owners, who require extensive financial planning in life assurance and short term insurance.

 Question 1. How do you get your clients hooked on income protection? For the right target market, Income Protection is an essential product. By motivating the benefits of having this kind of protection in place, it’s easy for the client to then realise the need.  I focus on specific individuals, whose income will be impacted, bearing in mind it might not necessarily be immediately, when unable to work.  Specifically for small business owners, the impact of a disability is multi-fold. Not only do these individuals have to physically and mentally recover, often this type of event comes with unplanned additional expenses and they are not guaranteed of income during or after this event. Once this need for income replacement is understood then the only affordable solution is often income protection.  When a claim is settled, clients forget about all premiums paid, especially when the value of the claim is far greater than the costs incurred.

Question 2. What unique selling point of FMI’s do you believe provides the best leverage when talking to clients?

The ability to structure a flexible and holistic disability solution using TIP, PIP and Capital Disability benefits provides the best leverage when presenting various product options to my clients. As FMI is able to provide a complete solution for individuals and their business, this further strengthens the offering.

The fact that FMI is a specialist insurer helps to give clients peace of mind that their financial matters are in safe hands and that the product will pay as promised. FMI’s backing by Lombard Life ultimately guarantees that legitimate claims will also be paid.

Question 3. What tips do you have to share with fellow Financial Advisers on conducting good business?

This is a very difficult question because of the many complexities involved in selling risk benefits. This includes properly working through the sales process, providing essential after sales service, conducting yearly reviews and importantly assisting clients with claims.

We have all heard the following quote, “A client convinced against his will is a client unconvinced still…”. Therefore it is important that a client buys a product, and is not sold it. Being realistic about affordability and premiums is imperative as in reality not everyone can afford the perfect solution. It is often easier to start with the essential benefits and to expand on these as agreed and necessary.

The fact that Financial Advisers provide an on-going solution and that there very seldom can be only one solution, is important for any client to understand.  Advisers in turn need to understand that the lives and businesses of clients change constantly and so do the products available in the market.