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Netwealth educational webinar - Healthy is the new wealthy
- 1. Healthy is the new wealthy Presented by Sasha Carey AIA Vitality Coach AIA Vitality 20 July 2017
- 2. | netwealth This webinar is being recorded. • Slides will be sent to you after the webinar Enter your questions in the chat. • We will get to them at the end of the webinar Posting to social? • Make sure to use #netwealthinvest or tweet @netwealthInvest CPD points • A questionnaire will be sent after the webinar 2 Housekeeping Webinar Series
- 3. | netwealth Webinar Series3 Sasha Carey Vitality Coach AIA Vitality Meet today’s speaker
- 4. JULY 2017 HEALTHY IS THE NEW WEALTHY
- 5. WHAT’S HAPPENING IN OUR NATION?
- 6. WE ALL KNOW – 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 – 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 – 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 – WorkplaceHealth in Australia, HAPIA 3. HBF Whitepaper and PWC whitepaper of 2011 4. Medibank Private 2005 The Health of Australia’s 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 don’t 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 – 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 AIA confidential and proprietary information. Not for distribution. 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 AIA confidential and proprietary information. Not for distribution. 13 • Walking Meetings • Replace biscuits and lollies with fresh fruit • Consider standing desks • Instead of ‘after work’ 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 ‘healthy lunchbox’ completion once a week • Instead of casual wear, encourage active wear
- 14. A HEALTHFULL YEAR AIA confidential and proprietary information. Not for distribution. 14
- 15. THE BENEFITS Within a few months Within 1 – 2 years Within 3 – 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? AIA confidential and proprietary information. Not for distribution. 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 “Nearly 8 in 10 identified at least one area of their lives in which they should be doing more or focussing great attention. #1 Health”
- 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? AIA confidential and proprietary information. Not for distribution. 19
- 20. NEW APPROACH TO FINANCIAL PLANNING Traditional FP – needs focussed Goals-based FP– Goals/ values focussed Wellbeing FP– 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
- 21. 3 SIMPLE PARTS
- 23. 4 STEP INITIAL CLIENT JOURNEY 23 Gap Analysis meeting - Outlining current v optimal position - Identifying the gaps - Aligning the expressed ‘Why’ to the identified solution SoA/ Implementation meeting Getting to Know Your client - Values and goals based questioning - Understanding the ‘Why’ 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 – WorkplaceHealth in Australia, HAPIA. 2. Oxford Health Alliance 3. HBF Whitepaper and PWC whitepaper of 2011 4. Medibank Private 2005 The Health of Australia’s 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 © 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. 26
- 28. | netwealth28 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 client’s 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 Australian’s 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, Smith School of Enterprise and the Environment at Oxford University Rice Warner Study 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 year’s 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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- {talk to the wheel in terms of what specifically can be accessed, received}
- Jade Burford (Advocate Private Wealth) client process: Getting to know your client – Fact finding meeting – 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 “if money wasn’t an issue, what would you be doing for the world at large” and “what is more important to you than money” and then commence the “why” questioning process until you reach the emotional reasons as to what is most important to the client. Gap Analysis Meeting – 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 client’s current gaps. In this meeting you can link Vitality to the emotional “why” 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 – 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 – 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 – engaged client after this. Goal setting done with client at this meeting for the year – client to sign off on goals and be held accountable at renewal.