Life insurance study asks consumers what they want

Recent research from MetLife shows that over 15 per cent of Australians have purchased a financial product from a financial adviser.

The MetLife study is one of the largest of its kind, with interviews conducted with small to medium enterprises and consumers who have bought life insurance through an adviser or are looking to do so in the future.

Key findings of the study include:

  • Consumers and SMEs are looking for strong relationships with their financial adviser

  • Both groups rate honesty and trustworthiness highly, along with being clear about fees/commissions upfront, and adviser experience

  • Priorities once establish then shift to wanting genuine care from their adviser, and speaking ‘plain English’, while continuing to be honest and trustworthy

  • Older clients value these priorities more

  • Clients disliked taking out a policy and then never hearing from their adviser again

  • Eighty-six per cent of advisers said they want to be contacted at least once a year by their adviser, with 52 per cent wanting six-monthly contact

  • Email is the preferred method of communication, but this shifts with age