Effective Referral Management - Media Room

Solving Underinsurance

Accountant Referrals Could Help Solve Underinsurance
Emily Saint-Smith - 22 April, 2014
An increase in risk insurance referrals by accountants will make great in-roads into Australia’s underinsurance gap, one industry expert has advised.

Responding to recent research from the Financial Services Council and MetLife, David Phelan, from Effective Referral Management, said a referral from a trusted source was an excellent solution to overcoming client apathy.

According to Mr Phelan, clients fail to act on their insurance need because they are paralysed by questions like: ‘Where do I go?’, ‘Who do I talk to?’, ‘Where do I start?’, and ‘What level of cover is required?’ But if they receive the answers to these questions from a professional to whom they have been referred by their trusted accountant, Mr Phelan believes clients will be empowered to act .

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IFA Independent Financial Advisor

Refferrals require a mindset shift
David Phelan - 7 April, 2014
Many advisers still believe that they have to prove themselves to accountants before they will get referrals, and need to shift their thinking. Gaining referrals is not about proving yourself to your referral partner or Centre of Influence. They already expect you to be competent in your space. Why would an accountant want to meet with you to talk about you and how good you are for their client? Why would they bother risking their relationship with their client? Why would they spend their time listening to you talk about your business? It makes no sense at all.

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SMSF Essentials

Cost of policy lapses under-stated
Damon Taylor - 11 March, 2014
Accountants may not be voicing sufficient concerns on the risks of under-insurance nor highlighting risks of dropping existing life, trauma or disability cover, according to David Phelan, director of Effective Referral Management.

Phelan pointed to recent reports on the Australian insurance market showing that there was an increasing trend of under-insurance as consumers let policies lapse or did not ensure they had the right cover in place.

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Wealth Professional

Advisers must form network to address underinsurance
By Sophie Schroder | 11 Mar 2014
Advisers should take advantage of a great network opportunity that will also help to alleviate Australia's massive underinsurance problem, says the director of a referral management firm. David Phelan of Effective Referral Management is calling on advisers to forge bonds with other professionals such as lawyers, brokers, and accountants in an effort to combat underinsurance. "We strongly advocate that advisers should be forming relationships with other professionals because all of these people have got large client bases that need advisers," he told Wealth Professional. "These [professionals] are in a strong position to refer their clients because they already have an existing relationship."

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Financial Observer

Accountants silent on underinsurance risks
By Krystine Lumanta 6 March 2014
Some accountants are failing to address their clients' life insurance needs, despite having the biggest influence on ensuring their needs are met, according to an industry director.

Recent reports have found underinsurance is increasing as consumers let policies lapse or fail to ensure they have the right cover in place.

However, while accountants have the trust of their clients to discuss important issues, they are not voicing sufficient concerns on the danger of underinsurance or highlighting the risks of dropping existing life, trauma and disability cover.

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Money Management

Ditch the 'leads', focus on referral: Phelan
Tim Stewart 18 Feb 2013

A lack of 'cultural alignment' between planners and their referral partners is leading to poor results, according to Effective Referral Management (ERM) director David Phelan.

A typical referral arrangement with an accountant (or in some cases, a lawyer) only produces four or five referrals per year for a planner, he said.

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Money Management

Be kind to your referral partners
Tim Stewart - 1 Feb 2013
Engaging with clients is one thing, but financial planners need to engage with and understand their referral partners if they want to grow their businesses.

According to Effective Referral Management director David Phelan, planners have traditionally been too focused on receiving referrals and have failed to take a deep interest in their referral partners.

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