The financial sector the world-over has experienced massive and momentous change. This is true for the Australian financial sector too, considering it is just as diverse, complex, and dynamic (and sometimes, controversial).

While that may be so, it has never been more crucial to build trust and credibility and manage client expectations.

For financial planners, being successful means having a clear understanding of the sector in its entirety – Its structure and behaviour; what factors bear weight and responsibility in this evolving environment; and forging ways to communicate these intricacies to their customers. For customers, success is determined by their ability to choose their advisers diligently, manage their risks and make informed decisions.

There is good value in retaining a financial planner – for planning and executing strategies as well as for practising due diligence. And this has been proven true time and again. Especially when it comes down to brass tacks and the rubber finally hits the road.

There is a second set of eyes on your investments. And there is a seasoned mind helping you navigate the complexities of the market.

In this week’s blog post we discuss how you can achieve higher success for your claims with an adviser. Our discussion is based on the latest APRA claims data Life Insurance Claims and Disputes Statistics Report for the financial year ending 30 June 2024.

What does the report say?

The Australian Prudential Regulation Authority or APRA, is the corporate regulatory body in charge of developing and enforcing prudential frameworks of legislation, standards and guidance that promote prudent behaviour by authorised deposit-taking institutions (ADIs), insurance companies, superannuation funds and others.

The Life Insurance Claims and Disputes Statistics Report that has been released by APRA together with ASIC reveals that the metrics for individual advised claims surpass those of individual non-advised claims.

So, what exactly does a financial planner do?

When it comes to insurance, a Financial Planner and particularly one who is an insurance specialist, has an in-depth understanding of the insurance products, how they engage and how to manage an effective claim with the insurance company. This provides benefit in helping you understand the claims process and taking away the strain of managing it alone when already dealing with significant stress.

Regarding the claims process, a financial adviser can help you understand the overall process, deliver advice, and ensure you are making the right decisions in a timely and consistent manner for the best chance at success – as evidenced by the report.

How can BFD Financial Planning help?

At BFD FP, we are committed to supporting you through every stage of your financial journey. Our claims history is proof of our unique approach and exceptional service – putting our customers first, especially in your hour of need.

We are professional, timely and empathetic. We try our best to minimise tedious form-filling wherever reasonably possible.

Our processes are streamlined for better and faster outcomes. Our team is diligent and dedicated. And we focus on conversations in order to understand and support you.

Reach out to us and let us help you, today. We look forward to hearing from you.