Recent changes in the Financial Services industry have made seeking financial advice unaffordable for many Australians.
I have worked for over 25 years in this industry as a full service Financial Adviser providing personal advice and I became concerned that many clients could not afford the high cost of seeking advice particularly when it related to the important areas of personal risk insurance covers such as Life, Total and Permanent Disability, Income Protection and Trauma covers.
Time and again I saw clients walk away after receiving quotes of between $2200 and $3300 due to the costs of receiving personal advice due to the process personal advice Financial Advisers use and the production of compliance documents like Statements of Advice. Clients were being forced to either take the risk of being underinsured or contact internet offerings that in many cases provide poor quality products which could mean lower success rates at claim time.
I established Boutique Insurance Solutions with the goal of eliminating this barrier to obtaining high quality cover and obtaining personalised ongoing service especially at claim time through offering a ‘general advice‘ model to allow everyone access to personal risk insurance covers where they are NOT charged any UPFRONT or ONGOING advice fees and can still access the initial and ongoing personal service from an experienced insurance specialist.
In a nutshell – ‘General or personal advice can help you reach your financial goals. General advice does not consider your personal circumstances and is general in nature. Personal advice is more specific and is tailored to your personal situation.’ *
The BIS Process
1. Introductory phone call to introduce myself and obtain basic information and set a time for either a face to face, Zoom or by Phone
2. Welcome Email and Appointment email sent
3. Appointment :
-The General Advice model explained*, education provided around the various insurance options available and questions answered based on factual information.
– A comparison quote is provided based on what you have decided is appropriate to your circumstances from 10 leading Australian insurance providers and provided by email during the appointment,
4. You consider the quotes that you have received and I work with you to adjust anything, answer questions or run new quotes under different scenarios.
5. Once you are happy with your decision I assist you with the application process using the insurer selected. This should take no more than 45 minutes depending on your answers in the application and can be done over the phone or by zoom.
6. It now my role to follow the application through the insurers process steps to ensure a quick and fair outcome based on underwriting.
Your business relationship as a client stays in place through the life of the policy which is especially useful at claim time where my years of experience at claims handling could prove very important to a successful outcome.
* Please visit the Government provided Money Smart website for a full explanation of General vs Personal advice at https://moneysmart.gov.au/glossary/general-and-personal-advice .
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