Protecting Your Super legislation: Are you communicating the potential impact to clients?

(Steve Holmes)

As you know Super providers are communicating directly with your clients, the question is are you?

From 1 July 2019 super providers must cancel the insurance in any super account that’s considered to be inactive (i.e. no amounts, such as contributions or rollovers, have been made to the super account for the previous 16 continuous months or more). I know that you know this.

Right now, your client has the option to change, cancel (in this case do nothing) or keep their insurance cover.

So it’s a really important time to make sure your clients understand what they need to do to retain their insurance. If nothing else you have a duty of care to clients who are currently paying a service fee to your business.

There is also an opportunity to assess insurance levels and to consolidate potentially multiple super accounts. Your timely follow-up could make all the difference.

Your clients may also have friends and family who could be adversely affected,  education from you could be enough to raise this topic at the next dinner conversation.

I am a strong believer that a Financial Adviser “of choice” continues to focus on education with their clients, and with that establishes stronger relationships, and in turn receives more referrals.

 

If you need help with client communication I would love to hear from you.

Here’s my calendar link to make finding a time easy.

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