This document summarizes a presentation titled "Healthy is the New Wealthy" by Sasha Carey, an AIA Vitality Coach. The presentation discusses how unhealthy lifestyle choices are contributing to 90% of deaths in Australia and costing the Australian workplace billions per year in absenteeism and presenteeism. It encourages workplaces to implement health and wellbeing initiatives like walking meetings and healthy snacks to boost productivity and lower costs. The presentation also discusses how financial advisors can take a holistic "wellbeing" approach to financial planning by focusing on clients' life goals and values, and supporting their health, in addition to financial needs. This can help clients live fuller lives and potentially lower insurance premiums through health incentive
Dividend Policy and Dividend Decision Theories.pptx
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Healthy is the new wealthy: How focusing on wellbeing can boost your clients' lives and your business
1. Healthy is
the new wealthy
Presented by
Sasha Carey
AIA Vitality Coach
AIA Vitality
20 July 2017
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2
Housekeeping
Webinar Series
6. WE ALL KNOW â AUSTRALIANS INSURE THEIR CAR
BEFORE THEIR LIVES
Source: Rice Warner
7. WHEN YOU CONSIDER OUR LIFESTYLE CHOICES ITS
ALARMING
AIA confidential and proprietary information. Not for distribution.
7
⢠Source: World Health Organisation â NCD Country Profiles, 2014
8. THESE CHOICES CONTRIBUTE TO 90% OF DEATHS IN
AUSTRALIA
AIA confidential and proprietary information. Not for distribution.
8
⢠Source: World Health Organisation â NCD Country Profiles, 2014
9. 1
WHAT DOES THIS MEAN
FOR OUR WORKPLACE?
AIA confidential and proprietary information. Not for distribution.
9
10. COST OF NOT INVESTING IN WORKPLACE HEALTH
1.Health and Productivity of Australia 2010, Best Practice Guidelines â WorkplaceHealth in Australia, HAPIA
3. HBF Whitepaper and PWC whitepaper of 2011
4. Medibank Private 2005 The Health of Australiaâs Workforce. Medibank Private, Australia
6 Absenteeism and Presenteeism Survey www.aigroup.com.au
10
Absenteeism
Costs
Presenteeism
Costs
More likely to lose
talented staff in the
next 12 months if they
donât promote health
and wellbeing
More sick days a year
are taken by
unhealthy workers
than
$7B*3 $35B*6 4x*1 9x*4
11. WHAT DOES THIS MEAN FOR WORKPLACE HEALTH?
1.Health and Productivity of Australia 2010, Best Practice Guidelines â WorkplaceHealth in Australia, HAPIA. 11
Healthy workers are
3 x more productive
than unhealthy workers
And are less at risk from diseases
like heart disease, type 2 diabetes and cancer. *1
97%
Of top performing Australian organisations
have implemented health and wellbeing
initiative. *1
12. 1 2 3
THE HOW
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12
Implement
⢠Create a healthy policy
⢠Develop an action plan
⢠Promote the plan
Review
⢠Evaluate the program
⢠Move forward
Plan
⢠Gain Management support
⢠Consult with staff
⢠Identify a coordinator
13. SOME EASY IDEAS
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13
⢠Walking Meetings
⢠Replace biscuits and lollies with fresh fruit
⢠Consider standing desks
⢠Instead of âafter workâ drinks, opt for a fun activity
⢠Encourage your team meetings to be stand up meetings
⢠Sign up as a team for a fun run or walk
⢠Have a âhealthy lunchboxâ completion once a week
⢠Instead of casual wear, encourage active wear
14. A HEALTHFULL YEAR
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14
15. THE BENEFITS
Within a few months Within 1 â 2 years Within 3 â 5 years
Increased worker morale and
engagement
Increased individual work
performance and productivity
Decreased workplace injuries and
associated expenses
Increased team cohesion
Increased attraction and retention of
workers
Decreased absenteeism and sick
leave
Improved corporate and recruitment
image
Decreased incidence of attending work
when sick
Increased individual health
knowledge
Increased return on training and
development investment
Increased job satisfaction
15
Source: Healthier Workplace WA.com.au
16. 2
WHAT DOES IT MEAN
FOR OUR CLIENTS?
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16
17. HOW DO YOU DEFINE A LIFE WELL LIVED?
17
Source: 2015 U.S Trust Insights on Wealth and /h. Annual survey of high-net-worth and ultra-high-net-worth Americans
âNearly 8 in 10 identified at least one area
of their lives in which they should be doing
more or focussing great attention. #1
Healthâ
18. WHAT CLIENTS WANT
Source: The advice challenge: Understanding what clients value, AIA Australia and Beddoes Institute, July 2015
High quality communications
Targeted approach to
service delivery
Renewed focus on
demonstrating value
75%of clients highly value
being able to lower their
life insurance
premiums by
participating in a health
and wellness program as
a part of life insurance
that is based on dynamic
underwriting.
19. 3
HOW CAN YOU HELP
YOUR CLIENTS?
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19
20. NEW APPROACH TO FINANCIAL PLANNING
Traditional FP â
needs focussed
Goals-based FPâ
Goals/ values focussed
Wellbeing FPâ
Holistic life fulfilment
Financial needs
Examples:
Superannuation,
investments, life
insurance
Goal achievement
Examples: improved
financial health, proven
savings plan, financial
goal fulfilment
Holistic Support
Examples: Life, Health,
Wealth. Non-financial
support/ coaching
23. 4 STEP INITIAL CLIENT JOURNEY
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Gap Analysis
meeting
- Outlining current v optimal
position
- Identifying the gaps
- Aligning the expressed âWhyâ
to the identified solution
SoA/
Implementation
meeting
Getting to Know
Your client
- Values and goals based
questioning
- Understanding the âWhyâ
behind goals
Post
implementation
meeting
- Advice summary
- Goal setting, & commitment
EASILY REAL
24. Contact your AIA Client Development Manager or Associate to
discuss how we can help with your health and wellbeing proposition
25. REFERENCES
AIA confidential and proprietary information. Not for distribution.
25
1. Health and Productivity of Australia 2010, Best Practice Guidelines â WorkplaceHealth in Australia, HAPIA.
2. Oxford Health Alliance
3. HBF Whitepaper and PWC whitepaper of 2011
4. Medibank Private 2005 The Health of Australiaâs Workforce. Medibank Private, Australia
5. Sims, J, Right Management 2010, Wellness and Productivity Management. Presentation to the Health and Productivity Management
Congress 2010
6. Absenteeism and Presenteeism Survey 2015 www.aigroup.com.au
26. DISCLAIMER
Copyright Š 2014 AIA Australia Limited (ABN 79 004 837 861). All rights reserved.
The content of these slides is confidential and (where relevant) proprietary information of AIA Australia Limited. It is intended only for attendees of this presentation. This
presentation (including the slides) must not be reproduced or distributed without the consent of AIA Australia Limited. The content is current at the date of the presentation
and is subject to change. This presentation provides general information in summary only, without taking into account the objectives, financial situation, needs or personal
circumstances of any individual, and may not be exhaustive. It is not intended as financial, legal, medical or other advice. This presentation may contain projections
concerning financial information and statements concerning future economic performance and events, plans and objectives relating to management, operations, products
and services, and assumptions underlying these projections and statements. It is possible that actual results and financial conditions may differ, possibly materially, from
the anticipated results and financial condition indicated in these projections and statements. Any examples contained in this presentation are for illustrative purposes only,
and actual partners, benefits and discounts available to an AIA Vitality member may differ and are dependent on a range of factors, including the arrangements with
partners, extent of use of the benefits and Vitality Status attained. Fees, charges and terms and conditions apply. Full terms and conditions and partner benefit guides will
be available at AIAVitality.com.au
AIA confidential and proprietary information. Not for distribution.
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This webinar and information has been prepared and issued by Netwealth Investments Limited (Netwealth), ABN 85 090 569 109,
AFSL 230975. It contains factual information and general financial product advice only and has been prepared without taking into
account the objectives, financial situation or needs of any individual. The information provided is not intended to be a substitute for
professional financial product advice and you should determine its appropriateness having regard to you or your clientâs particular
circumstances. The relevant disclosure document should be obtained from Netwealth and considered before deciding whether to
acquire, dispose of, or to continue to hold, an investment in any Netwealth product.
While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), no person,
including Netwealth, or any other member of the Netwealth group of companies, accepts responsibility for any loss suffered by any
person arising from reliance on this information.
Disclaimer
Thank you
Webinar Series
Editor's Notes
A lack of understanding about Life Insurance amongst Australian consumers makes insurance adequacy in Australia a real challenge.
Less than 20% of people possessing a good understanding of disability or death insurance , 83% of Australians say they have insurance for their car, yet only 31% have insurance to protect their income. For those who only have cover in Superannuation, only 30% of Australianâs are aware that they even have this cover.
With an insurance coverage gap in Australia of $1.8B , the many Australians who do have coverage, don't even have the right insurance to meet their lifestyle needs.
Sources:
AIA Study, 2016
Global comparative survey commissioned by Zurich, Â Smith School of Enterprise and the Environment at Oxford University
Rice Warner StudyÂ
Oxford
In Australia:
1 in 4 people are obese
1 in 5 people have high blood pressure
1 in 5 people are still smoking
And 12.2 litres of pure alcohol are being consumed per capita
When you consider these lifestyle choices, this is alarming. 4 everyday behaviours, result in 4 non-communicable diseases which result in 91% of deaths in Australia
These behaviours also have a direct impact to us as an insurer. And we see the impacts playing every day in our claims in cancer, heart disease, musculoskeletal and Mental Health
For every dollar
invested in workplace health & wellbeing programs,
there is a return on investment of between $3 and $6.5*5
This yearâs survey looks at how wealthy individuals define a life well lived and how well they are progressing toward achieving that objective. In the 2015 survey, we find that high-net-worth individuals consider health, family and financial security essential to their well-being and examine ways that they are working to secure these cornerstones through health, investment, estate and charitable planning strategies. We also look at differences among genders and generations to gain a fuller picture of what it means to lead a life well lived.
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Jade Burford (Advocate Private Wealth) client process:
Getting to know your client â Fact finding meeting â asking values and goals based questions that are open questions. The purpose of this is to try to ascertain what is most important to the client on an emotional level. Questions like âif money wasnât an issue, what would you be doing for the world at largeâ and âwhat is more important to you than moneyâ and then commence the âwhyâ questioning process until you reach the emotional reasons as to what is most important to the client.
Gap Analysis Meeting â this meeting outlines the analysis you have done for the client based on a current vs optimal position for the client which in turn will identify the clientâs current gaps. In this meeting you can link Vitality to the emotional âwhyâ that you figured out in meeting one and show the client how Vitality is a program that will enable them to achieve all that is most important to them by encouraging them to be the best version of themselves. No product talk.
SOA implementation meeting â present your advice and discuss the applicable products (product reveal), benefit and disadvantages of the advice and the commissions and revenues to be received. Implement the advice.
Post implementation meeting â the purpose of this meeting is to tie a bow around the process and let the client know implementation is complete. Provide policy schedules etc. Give client fitbit and letter with checklist on how to get to Platinum. Assist the client to get fitbit app, sync fitbit to phone and vitality profile. Navigate vitality website to show client how to find everything. Leave client for 15mins to go through online checks â engaged client after this. Goal setting done with client at this meeting for the year â client to sign off on goals and be held accountable at renewal.