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This is a quick guide to help you strengthen your client relationships by connecting them with Steadfast Life.
Why Refer?
- Your clients get the protection they need, both for themselves and their businesses
- Provide the risk support your clients are seeking and offer holistic advice for their risk requirements
- Keep your clients more engaged and better supported - strengthen the trust and relationship
- You get the satisfaction of knowing you’ve delivered on your duty of care to safeguard your clients
- The business stays within the Steadfast Group.
How you can help them
01
Assess their risks holistically
- You all have clients you know are your best ones: they have commitments, complex financial arrangements and they value good advice (that’s why they come to you after all).
- These are the clients you should consider referring. They’re the ones who are most in need of specialist advice but don’t know it. This is where Step 2 comes in.
How to uncover risks:
“We all believe it won’t happen to us, but lots of people die unexpectedly, get severely injured or sick every year. Ask yourself, if this happened to you:
1 – How would you or your family pay all your commitments (mortgage, school fees, living expenses, lifestyle costs)
2 – Could you support your financial dependants, and how would you feel if you couldn’t?
3 – Do you have a big enough financial buffer or would you need to start selling assets to survive?”
“Is there a single individual in your business who is absolutely essential to your success? What would happen to your business if suddenly they couldn’t work because they were sick, injured or dead?
Would you lose revenue or IP, have all the expenses of finding a replacement, or worse, face a serious loss of business viability?”
“What happens to your business if a fellow shareholder dies unexpectedly, becomes permanently incapacitated, or seriously ill?
Could you afford to buy them out or pay their medical bills? What about loans they owe the business, or personal guarantees they’ve given – can you back them?
Worst case, if they die, would you want to be in business with their family? (this one will really get them thinking).”
02
Prod them to think about it
-
When reviewing a client’s financial situation, you’re looking for risk exposures that are going unnoticed, and that a specialist is best-qualified to handle. Few clients will be risk-free, and many will have unprotected liabilities or business risks they haven’t even thought of.
- All you have to do is raise the issue and ask them:
- What’s your plan for dealing with this if things don’t go as you expect?
- Do you understand the consequences of doing nothing about it?
Remember: you don’t have to solve the problem. That’s our job, all you have to do is refer them to the specialist.
03
Introduce Steadfast Life
- This is the easy part: just make an introduction, the same way the GP does when she refers you to the specialist:
- “I’m recommending you speak with Steadfast Life. They can do a detailed risk assessment and tell you what your options are. Here are their details, they’ll contact you in the next couple of days to make an appointment.
- It's that simple. Your client gets the advice they need and you’ve met your duty of care. We’ll keep you fully informed of our conversations and tell you what we’ve recommended for them.
How to Refer:
Referring is easy, just click here
We’ve got a quick and simple process, and we guarantee to contact your client within 48 hours.
04
Get rewarded / Log a referral
- Visit steadfastlife.com.au/referral
- Fill in the form - with your client’s circumstances and contact details
- Once submitted, an adviser will contact the client within 24hrs
- Once your client’s policy is in force, we will then forward the agreed percentage onto you
How steadfast life helps you & your client
What’s in it for your clients?
What’s in it for you?
What’s in it for your clients?
Expert advice
With the reductions in the number of licenced financial advisers in recent years, chances are your clients aren’t getting the advice they need. By referring them to us you’re putting them in the hands of an expert who can advise them on how best to protect themselves against their financial risks.
Confidence
You’re giving them the confidence to carry on with their business ventures and careers knowing that whatever unexpected things happen, they can deal with them.
Peace of mind
“Peace of mind” is an old saw in the insurance world, but when it comes right down to it, it’s one of the few valuable things in life you can actually buy, and life insurance is the only way to get it.
Just as you provide peace of mind that your client’s physical assets are protected, we provide peace of mind that their personal finances and businesses are protected.
What’s in it for you?
My peace of mind?
You have a responsibility to look after your clients, and we’ve all woken up in the middle of the night at least once thinking “What happens if I don’t mention this risk to them? Will I be held responsible if something goes wrong?” When you refer a client to us, you get peace of mind for yourself too. You can be confident that you’ve met your duty of care.
Helping them avoid disaster
Unexpected financial trouble is both common and usually avoidable. That’s what insurance is for after all. By helping your clients understand their risks and take appropriate action, you’re doing everything you can to protect their personal lives and their businesses.
Deepen your relationship
By showing your client that you’re concerned about all the risks, they will see that you have their best interests at heart.
Building the business
Referring your clients to Steadfast advisers means that the business as whole benefits from your hard work with your clients.
Our Ideal Clients
Their situation:
- They are considering succession planning
- There’s a degree of ‘key person risk’ in their business
- They have multiple partners or shareholders / have a buy-sell agreement
- Have a complex medical history
Who they are:
- They’ve run their business profitably for 3+ years
- Their business is valued at $500K+
- They’ve given guarantees to the bank
- They have a team of 20+ people
- They value professional advice
Our perfect private client is someone earning over $200K per annum, who has financial dependants (e.g. kids) and financial obligations (e.g. mortgage).
They may also have complexities in their personal arrangements such as ex-partners, or run businesses exposed to key person and shareholder risks.
Importantly though, they’re interested in protecting their wealth and they understand the value of advice to help them do that.
Example: John is a lawyer with three kids at private schools, a $1.2m mortgage and no life insurance. Anna is a CEO whose medical research business revolves around a scientist called Gerald, but she has no key person cover, and has difficulty finding talent to match his abilities.
Our Ideal Clients
Their situation:
- They are considering succession planning
- There’s a degree of ‘key person risk’ in their business
- They have multiple partners or shareholders / have a buy-sell agreement
- Have a complex medical history
Who they are:
- They’ve run their business profitably for 3+ years
- Their business is valued at $500K+
- They’ve given guarantees to the bank
- They have a team of 20+ people
- They value professional advice
Our perfect private client is someone earning over $200K per annum, who has financial dependants (e.g. kids) and financial obligations (e.g. mortgage).
They may also have complexities in their personal arrangements such as ex-partners, or run businesses exposed to key person and shareholder risks.
Importantly though, they’re interested in protecting their wealth and they understand the value of advice to help them do that.
Example: John is a lawyer with three kids at private schools, a $1.2m mortgage and no life insurance. Anna is a CEO whose medical research business revolves around a scientist called Gerald, but she has no key person cover, and has difficulty finding talent to match his abilities.
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