Vitality program not ‘an add-on’: Advocate Private Wealth

Vitality program not ‘an add-on’: Advocate Private Wealth



Health and wellness programs can help improve client engagement and should not be treated merely as "an add-on", according to Advocate Private Wealth.

Advocate Private Wealth’s principal of risk management, Jade Burford, told Risk Adviser that adopting AIA Australia’s Vitality program has helped improve the firm's adviser offering.

“It’s very much a big part of the discussion from the outset,” Ms Burford said.

“When I discuss insurance with my clients and discuss the program with them, it’s about aligning the program with their health and wellness goals to make sure that it’s a good fit.

“If you sell it as an add-on, you’re not going to get the engagement that you need to actually make a difference.”

Ms Burford notes that Advocate’s client retention rates are much higher and that there have been more referrals since the firm signed on to the program.

“From 1 July until now, around 78 per cent of my new clients have been referred from existing clients for the Vitality program,” she said.

“If that doesn’t speak volumes, then I’m not sure what does.”

In May, AIA announced it was trialling its Executive Wellness Program which is aimed at helping financial advisers integrate a lifestyle and wellbeing framework into their service offering, and is based largely on AIA's Vitality program.

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