As I was reading Momentum’s recent product comparison, I felt that the industry needs to take an honest look at the motivation for why we do these comparisons, and the potential harm they cause the industry and, more importantly, the consumer.
Despite the comparison being completely inaccurate and the lack of research being laughable at times (see the attached Legacy Protection Plan™ Factual Corrections), I want us to take control of what these comparisons mean and change the way we market to the consumer.
We seem to be the only industry that sends out competitor analyses without due consideration for the consequences of inaccurate information. This only causes damage to the two companies, our industry, and creates mistrust for the consumer.
The use of competitor analyses in the hope that the customer will churn their current product leaves a bitter taste. Other industries market their unique features and benefits to the consumer and allow the consumer to investigate and decide which product suits their needs the best. Think of Android and Apple, there is no comparison; the distinction is only their unique features.
Companies find it easier to present inaccurate information on a competitor in the hope that advisors and consumers will switch allegiances, instead of showing the benefits and features of their own products to allow advisors and consumers to make up their own minds.
I would like to see the companies in our industry evolve with the changes and innovation that they are presented with, especially amongst the traditionally large insurance houses. When we are faced with new, innovative ideas and solutions to problems consumers face we should also innovate and try to grow and assist the industry instead of providing inaccurate information to the advisor in the hope of discrediting other institutions.
Let us start 2020 in a positive way and lead the industry with solution-driven marketing instead of negative marketing and discrediting one another. Please, join us!
Upon being presented with Momentum’s latest ‘competitor analysis’ of us versus them, apart from being extremely flattered, I could not help but ask how this is valuable to the advisor? It hen-picks at things and despite most of the comparison being wholly inaccurate, it misses the mark completely in providing value to the advisor.
Allow me to present you with some accurate information regarding Capital Legacy’s offering. Without delving into too much detail, I would like to highlight some points.
We exist solely for solving the problems traditional life insurance and fiduciary services companies could not solve. That is getting Wills done and taking care of the exorbitant fees clients have to pay for their Beneficiaries to inherit.
We don’t assign the different tasks to different areas in our business and then expect them ALL to make a profit. Our Legacy Protection Plan™ is one solution from one company with a resultant insurance premium to INDEMNIFY fees, which will always be comparably better and cleaner than trying to actually insure the Rand cost of the Estate AND Trust fees.
The very nature of our product, which remains unique to this day, means that there is no 3rd party Estate Duty liability because of cash benefits that are used to fund the Executor fees.
We provide several ways to make it convenient for the advisor and their client to actually get their Will done with a view that this should be a value-add service from you, the advisor. Beneficially this allows you to generate an income without being distracted from your core business.