As a client seeking financial security, you rely on your insurance broker for expert guidance. But what are the advisors themselves focusing on to serve you better? A recent survey commissioned by Canada Life and conducted by AssCompact provides clear answers. The "Maklermonitor: Beratungsbedarf, Potenziale und Trends in der Altersvorsorge" (Broker Monitor: Advisory Needs, Potentials, and Trends in Retirement Planning) polled 345 insurance brokers in June 2024, asking them to identify the most significant improvement potentials in their advisory practice. The results highlight a profession in transformation, actively seeking to leverage technology, knowledge, and deeper relationships to provide superior service. For you, this means the future of insurance and financial planning advice is poised to become more digital, informed, and personalized.
The survey reveals three primary areas where brokers are concentrating their improvement efforts, forming a clear roadmap for the evolution of advisory services.
1. Embracing Digital Tools and Services (49%)
Nearly half of all surveyed brokers (49%) stated that working with digital tools and services is a top priority for enhancing their advisory practice. This trend reflects a broader industry shift towards efficiency, accuracy, and enhanced client experience. Digital tools can streamline everything from initial fact-finding and needs analysis to policy comparisons, illustrations, and ongoing portfolio management. For you, this digital adoption means potentially faster service, more transparent presentation of options, and easier access to your financial information through client portals. It allows brokers to spend less time on administrative tasks and more time on strategic, personalized advice—the true value they provide.
2. Committing to Continuous Education (45.2%)
Close behind, 45.2% of brokers aim to attend more training and further education programs. The financial and insurance landscape is constantly changing, with new products, evolving regulations (like those affecting pensions or sustainable investments), and complex client situations. This strong focus on professional development is excellent news for you. It signifies that advisors are committed to maintaining and expanding their expertise to navigate intricate topics—whether it's optimizing retirement income strategies, understanding the nuances of long-term care planning, or integrating ESG (Environmental, Social, and Governance) factors into investment recommendations. An advisor who prioritizes learning is better equipped to provide sophisticated, up-to-date solutions for your unique goals.
3. Enhancing Proactive Client Communication (43.2%)
The third key area is proactive contact and relationship management, with 43.2% of brokers wanting to reach out to clients more frequently. This goes beyond annual policy reviews. It's about establishing a consistent dialogue to better understand evolving life circumstances, such as a career change, marriage, the birth of a child, or an inheritance. Regular, meaningful contact allows the broker to continuously assess your protection needs and adjust your financial plan accordingly, ensuring your coverage never falls behind your life. For you, this means having a proactive partner who helps you stay on track, rather than a reactive vendor you only hear from at renewal time.
| Broker Improvement Priority | Percentage of Brokers | What It Means for You (The Client) |
|---|---|---|
| Adopt Digital Tools & Services | 49.0% | More efficient processes, clearer visualizations, better data access, and more time for strategic advice. |
| Pursue Further Training & Education | 45.2% | Access to more knowledgeable, up-to-date advice on complex topics like retirement, taxes, and sustainable investing. |
| Increase Proactive Client Contact | 43.2% | A more engaged advisor who understands your changing life and ensures your plan evolves with you. |
| Offer More Flexible Advisory Hours | 17.4% | Greater convenience in scheduling meetings outside traditional business hours. |
| Provide More Sustainable/ESG Offers | 13.3% | Access to investment and insurance products aligned with your personal values. |
The survey also uncovered interesting variations based on business size. Brokers with an annual turnover of less than €100,000 showed particularly ambitious goals: 52% plan to use digital tools more intensively, 47.2% aim to intensify client contact, and a notable 20% intend to offer more sustainable products to their clients. This suggests that smaller, often more agile practices are aggressively adapting to modern client expectations around technology and values-based investing.
In contrast, offering more flexible advisory hours (17.4%) and providing more sustainable offers (13.3%) were cited less frequently as primary improvement areas. This may indicate that while flexibility and ESG are important, they are currently secondary to the core advisory enhancements of digitization, knowledge, and communication for the majority of brokers.
For you, the key takeaway is that the advisory profession is self-aware and actively evolving. When choosing or evaluating your insurance and financial advisor, consider their proficiency in these three areas. Do they leverage modern technology to enhance your experience? Do they demonstrate a commitment to ongoing professional education? Most importantly, do they proactively engage with you to understand your complete financial picture? By aligning with a broker who excels in these dimensions, you secure a partnership dedicated to protecting and growing your financial well-being in an increasingly complex world.