Australian website Risk Adviser discusses advisers choosing the ‘best’ product for their clients and the concerns they have.
Chris Unwin, Training and Consulting Services Director says “Risk advisers that I speak to are paranoid about whether they a recommending the best product or the best company. The answer is it doesn’t exist, because it is crystal ball gazing. We are only going to know what the best product is when something happens to them.”
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The other dimension of this problem is an obsession with absolutism: in several categories the difference between the ‘best’ product and any one of the next three is about 1%. That is effectively a dead heat. When the product rating is so close then two strategies are suggested:
- Be more specific about what this particular client needs or desires.
- Bring in additional factors such as customer service