Hi, it's Robin from Holloway Friendly and we are back with another video. This time we spoke to Gary and Matt to get more expert tips on how to get clients to realise they need income protection. Now, many advisers see the value and the importance of income protection, but they're just not sure how best to communicate that with their customers. So here are some top tips on what you can do #1 focus on the basics. At the end of the day, we all need an income to survive. The five basic necessities that you need to make it through the week are food, heat, water, drink, and shelter you. Only one of those is free #2 connect the dots. Most customers go to revise it with a goal in mind. Let's assume the client is looking to get a mortgage to buy their dream home. What are they using to get the mortgage? They're leveraging their income to obtain the debt. Does it not then make sense to protect that income and their goals #3 Use relatable examples. When we went into lockdown, the government didn't just offer to clear our mortgages if we died from COVID, nor did they offer of 50,000 LB lump sum payment if we ended up in an ICU. No, instead they chose to replace our income knowing that the bills never stop even if we do. This topical relatable example will resonate. Now getting a customer to realize that they needing protection often needs to start with the advisor realizing that the customer needs income protection. For example, if you had a doctor with six months full play, six months, half the number of advisers I've heard say, I've heard say. Well they really had good sick base so they didn't really need it. But no, then they got a six month mortgage. That advisor is correct, they don't need sick pay. But mortgages are decades long right now. How to convince the customer they need income protection? First of all, don't make it all factual. For example, Mr. Customer, you've got three months back pay and you earned this much a year, you're eligible for 2835 lbs income protection. Index link up to age 65 with a three month deferred period that costs ��79.38 per month. What you think that is mathematics? They haven't bought into that at all. They're looking at cost and they decide on cost. So take your time, build a picture. Why does this customer need protection? What's important to the customer? What would they lose? What do they need to protect with that income when you present your advice? Before it was the face talked about. This will make sure that your children can still afford their private school. This will make sure that Katie can still afford her ballet lessons. Bring personal things in. This will make sure that Fido can still have a ��200 a month vet bills because I know you said that was important to you. When you're protecting things that matter to the customer and you present the quote as the solution to those problems, then you've got their attention and they're far more likely. Buy from the heart, not the head. So some more really, really great tips there and you can just see how important it is not just to spout facts and figures that your client. It really makes the difference to paint the picture and make it personal to them. At Holloway Friendly we are always happy to answer the phone and support you with anything you need, especially around positioning income protection with your clients. If you've got any questions at all, please reach out to our business development team. Thank you so, so much for watching. Have a lovely bank. Today weekend and we will see you next week for another video.
