Let’s Collaborate: Relationship with Insurance Brokers

April 5, 2019

‘You’ve got a friend in me’ sang the Insurance Broker to the Financial Adviser. The duo realised that their new-found friendship was an everlasting one, and so they lived happily ever after, making clients happy. Who doesn’t love the good old tale of the Insurance Broker and the Financial Adviser?? Two people who love guiding their clients through mishaps.

Financial Advisers work very closely with Brokers, where we refer work to each other and ultimately maximise the coverage for our clients and provide a seamless experience. The entire holistic process is about collaboration, both with other professionals and with the client.

In this day and age, fostering collaborative relationships are imperative to thrive and survive. The way the industry works, growth and development are fostered through referrals. Whether this be through existing clients or through other professionals who best compliment the business model of a Financial Adviser.

Here are our top three reasons why collaboration is EVERYTHING:

Two is better than one

When two brilliant minds work together, with their own skillset and set of connections, magic happens! By working with someone outside your company, who you trust, you are opening yourself up to their network and their outsider perspective. This can prove bountiful for your biz.

It is about the client

You are putting the needs of your client first and if that means they need advice on insurance, you know where to lead them. Looking after your client will make them happy as a hippo, and this in turn increases engagement with your brand. Talk about a win-win!

Let’s all be buddies! Increases customer loyalty

When a client is referred to you, they are already more loyal than a random email enquiry or a phone call. You come with street-cred, meaning this client already has a formulated opinion of you. They have already explored your website, know your opening hours and probably know your name too. The need to impress is cut out of the equation, which is so much more organic and natural.

The friendship between Insurance Brokers and Financial Advisers is a fruitful one. We make it very easy and straightforward for the broker by working with the client directly and by keeping them in the loop every step of the way. We ensure that the broker is informed throughout each element of the process and that our turn around time is quick and efficient.

Financial Advisers and Insurance Brokers are working within an incredibly competitive environment. Creating partnerships and alliances with other professionals within a similar bracket of expertise, who will refer reputable and long-standing clients to them on a regular basis is the optimal way to build and grow within this diverse market.

This modern day is all about fostering friendships y’all! In 2019, make a long-standing collaboration worth boasting about.

Kora Drage is an Authorised Representative of Financial Wisdom Limited ABN 70 006 646 108, AFSL 231138. The information contained in this article may contain general advice. It does not take into account your financial circumstances and objectives. You should consider talking to a financial adviser and read the relevant Product Disclosure Statement (PDS) before making a financial decision. Any views and opinions provided in this article may not reflect the views and opinions of Financial Wisdom Limited.

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