Insurance is often considered boring when compared to the stock market. “Protection” is an industry buzzword. Then the stock market hits an air pocket. What’s an insurance agent to do?
If your major business with a client is homeowners or auto insurance, the client probably doesn’t see a connection to investments and wealth management.
If your clients own fixed annuities, variable annuities with subadvisory investment accounts, or indexed insurance products, they should be getting a call. Bear in mind studies show the average high-net-worth (HNW) individual has three advisory relationships. That means a HNW client likely has a stock portfolio, too.
What do you talk about?
If the clients have money with you that’s tied to the performance of the stock market, they are likely concerned.
Of course: Start by listening to your own compliance and investment advisors, and the compliance teams at the financial services companies you work. Find out what your compliance advisors and supervisors are saying, and what rules and suggestions they have for your conversations with clients.
Then, after taking those rules and suggestions into account, consider talking about the following.
1. What’s happening, and why?
Your firm’s research analysts or trusted firm partners likely have provided works of analysis that you can share with clients. Get in touch. Sound the clients out about their concerns and share the information the analysts have provided.