Adviser Covid-19 survey results – you’re a resilient bunch

Adviser Covid-19 survey results – you’re a resilient bunch

May 2020

The financial impact of Covid-19 on adviser businesses is expected to be significant. However, in spite of this most advisers are confident in their ability to get through these uncertain times, and we’ve included below some of the ways we can help support you.

Key takeouts

Q. How has your business been financially impacted by Covid-19 so far?

  • Covid-19 has unquestionably had a significant impact on advisers’ businesses, with 85% experiencing a decline in revenue
Covid Survey Infographic 1

Q. How do you anticipate your financial situation changing in the near future?

  • Most expect things to get worse before they improve, with 51% of advisers saying they expect any improvement to be at least 12 months’ away
Covid Survey Infographic 2

Q. How confident are you in your ability to cope with the current and future financial impact?

  • However advisers’ positive outlook and resilience comes through strongly, with 94% expressing confidence in their ability to get through these uncertain times
Covid Survey Infographic 3

The support you need – and where we can help

Customer retention

Some of our products have built in hardship provisions, including premium holiday and leave without pay options. We can also offer 90 days’ premium relief, to help customers facing financial hardship keep their policies in place through a premium deferral while they get back on their feet. In addition, our Retention team can help customers make up missed payments, reinstate cover or apply a premium freeze or temporary hold.

Technology upskilling and general business improvement

We offer a range of support, including digital/technology training such as eApp, and licensing assistance. Keep an eye out for product accreditation coming soon. Our flagship Building Better Businesses programme for select advisers offers a range of great resources to help you improve the way you run your business – however the videos are freely available for all advisers.

For more info go to our Professional Development page.

Customer marketing and communications

Check out our Building Better Businesses video ‘Communicating effectively with customers’ on our Professional Development page. Talk to your Business Manager or Business Account Manager for advice and tips.

The Financial Services Council website also has a range of research and resources available, including ‘Money & You’, their latest report which looks into how New Zealanders think about money and how it affects decisions and wellbeing, including their views on life insurance.

Offer innovation

In March we updated you on our transformation strategy, a key part of which is developing simpler products to meet the needs of consumers today and into the future. We’re making good progress with our transformation – our refreshed brand and Sharecare are good examples – and we’ll keep you updated as we evolve our offer.

Thank You

So a big thanks to those of you who completed our survey. We’re committed to ensuring New Zealand’s independent advice sector has a sustainable future because you play a vital part in Fidelity Life's brand promise of protecting New Zealanders’ way of life.

If you have any questions about the survey or how we can support you and your business please get in touch with me or a member of our Professional Development team – we're here to help.