Three Insurance Tips That Add Value

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

The question I get most often from advisors is: How do I demonstrate value?

The question is more accurately phrased as: How can I show I’m worth the fee I’m charging? In that context, the issue becomes clearer.

I’ve never heard any other professional express this concern. My doctor, dentist and accountant never discuss their value. Apparently, they’re confident it’s not an issue.

Some advisors confront this issue by adding more services. It’s common for firms to do comprehensive insurance reviews, extensive financial planning, engage in tax planning (including preparing tax returns) and, if they have qualified lawyers in-house, prepare estate planning documents.

Here are three more ways you can add value in the context of insurance issues.

Disclosure of life insurance commissions

Make your clients aware of an insurance regulation in New York State that requires disclosure of commissions earned by insurance producers, but only if the purchaser asks for that information.