Financial planners often make some effort to protect clients against property-casualty and liability losses as well as against threats to life and health.
Although only 9% of 102 financial planners surveyed by Chubb Group of Insurance Companies, Warren, N.J., said they have property-casualty agent licenses, compared with 34% who said they have life insurance agent licenses, 57% said they try to evaluate clients’ property-casualty insurance protection. More than 70% said they try to evaluate clients’ liability insurance.
But the planners surveyed estimated they get only 3% of their revenue from selling property-casualty insurance risk-management services.
The planners said they get 49% of their revenue from investment planning, 16% from retirement planning, 12% from life insurance, 10% from estate planning and 7.5% from tax planning.