Keeping it in the family...

By Geoff Kellett, Head of Sales

Hopefully many of you were able to get along to our quarterly technical session over the past couple of weeks or hook into the webinar. The topic this quarter was Family Financial Advice, which is always a popular topic because it opens up so many advice opportunities, no matter what stage your current clients are at.

One of the most common questions that advisers are asking, (with most of their clients being either pre-retirees or retirees), is how can I engage the next generation? Fortunately we offer a range of product features which can really help with this question.

The hidden value of fee aggregation

One of the most straightforward strategies is opening your clients’ eyes to the hidden benefits of fee aggregation. As you know, one of the most powerful marketing forces for your business is word of mouth. No matter what we say, what you say or what the adverts say, there’s nothing more compelling than an endorsement by someone close to your prospective client.

This is especially the case if that endorsement is not only that you’re a great adviser, but also that you could help them save thousands of dollars in administration fees - very quickly and very easily. When your preferred platform can offer aggregated and capped fees for families you have a persuasive reason to ask about the financial situation of your clients’ family members.

Savings are available for everyone in the family, so you can easily create a situation where your clients go home and actively encourage their family members to come and see you. By implementing fee aggregation you have saved your existing client a large chunk of administration fees, and simultaneously added the other family members as new clients.

The table below shows how the benefits flow to not only to older clients with established balances, but also to clients still in the accumulation phase that can now access the benefits that a full service platform provides.

fee aggregation


Protecting younger clients

Another key way to access the next generation is to ask your clients if their adult children have the insurance in place to protect their growing family. Often the costs of life insurance and income protection can seem prohibitive to a young couple trying to raise children and pay off a mortgage. Many don’t realise they can fund insurance through their super to take the pressure off their cash flow. Those who are aware that they have standard insurance through super may not know that it can be completely inadequate.

IOOF’s range of platforms offer a choice of highly competitive insurance options, across both group and retail offerings. It is also a range we will be expanding in the near future so be sure to keep an eye out for more details.

Combine the attractive benefits of family fee aggregation with the ability to structure a very effective insurance offering for clients, and you have a very engaging offer for the entire family.

For more information on these features and others that can really help with developing a compelling advice offer, give your IOOF business development manager a call or email today – we’ll be more than happy to answer any questions you have.

And have a look at the Pursuit Select Personal Superannuation Product Disclosure Statement (PDS).