Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Financial Advice New Zealand release ‘Value of Financial Planning Consumer Research 2023’ report
Financial Advice New Zealand’s latest study on the value of financial planning has been released. The study was undertaken in February 2023 and questioned 1,001 New Zealanders over 25 years old who earned over $90,000 per annum or held over $50,000 of investable assets on the value of working with a financial planner.
Some highlights from the report include:
· 68% of clients of financial planners are highly satisfied with their wealth versus 33% of unadvised consumers.
· 9 in 10 of those who have seen a certified financial planner feel financially secure.
· 9 in 10 clients of certified financial planner say the benefits of financial planning outweigh the costs.
· Those who haven’t engaged with a financial planner report unmet financial needs, with 2 in 5 worried about enough money to live on, 1 in 3 worried about the ability to live their desired lifestyle and 1 in 3 not having a realistic plan for a comfortable retirement.
· 99% of those who have engaged a certified financial planner trust they are acting in the client’s best interest
· 100% of those who have engaged a certified financial planner are likely to continue the relationship with their financial planner.
· Clients reported the top benefits of working with a financial planner as better financial decision-making confidence; having simplify and explain financial matters; improved financial wellbeing and peace of mind; improved confidence in ability to achieve desired standard of living.
The report also has some interesting information on the different ways different generations like to engage with financial planners.
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2023 Value of an Adviser Report out now
Russell Investments have published their 2023 Value of an Adviser report. In 2023 they rated the value of an adviser in New Zealand at approximately 5.9%. Russell Investments refer to how an adviser’s role has broadened over time from that of a simple stockbroker to an agent who can help with everything from insurance needs to legacy planning. Some of the highlights from the report are below.
· One of their key tenets is an adviser can act as a behavioural coach, helping clients take a long-term view. Sometimes that will involve taking a step back and removing the emotions from financial decisions.
· They write of how advisers will need to personalise their offerings, and how that personalisation can mean different things to different generations.
· Planning needs to be done on a regular basis to keep in step with a client’s changing needs.
· The adviser acts as a guide during the entire process of a client’s financial plan, pulling in experts (such as accountants, estate lawyers) where required.
· They point out time is often an adviser’s scarcest resource and encourage advisers to look at low value activities that could be stopped or reduced.
I’d also suggest looking at opportunities for outsourcing or better utilising technology such as Artificial Intelligence (AI) to help reduce the burden of administrative tasks or deliver better engagement. Quotemonster have recently made some enhancements to our service using AI to pull through information from insurer quotes and automatically input into your Quotemonster Client and Benefit Details and we’ve also added voice to text conversion in the needs analysis fields, cutting down on administration time for advisers.
If you’re interested in finding out more about AI in the insurance space, we wrote a use case for AI including challenges, limitations, beneficial areas and potential use examples in our June 2023 quarterly report. If you would like a demo of any of Chatswood Consulting subscription services or to purchase a past report, please get in touch with Kelly Pulham on 021 311 660 or email kelly.pulham@chatswood.co.nz.
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Wotton + Kearney release 2023 NZ Insurance Market Trends Update
Wotton + Kearney have released their 2023 NZ Insurance Market Trends Update. Of note, it includes updates on:
· increase in director accountability for ESG issues and climate-related financial disclosures;
· how organisations will need to consider how applicable tikanga values should inform their conduct when dealing with employment relationship issues;
· how organisations need rigorous processes in place for restructures and redundancies;
· extensions to Schedule 2 Occupational Diseases;
· changes to the regulation of medicines, medical devices and natural health products;
· the passing of the Therapeutic Products Bill 2023;
· cyber, privacy and data security.
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