We warmly welcome Derek Garrett! Most people will have had the opportunity to hear Derek discuss funeral plans over the past month, but we took 10 minutes to have a chat and get to know more about him.
Q. Can you tell us a little about your career in the funeral plan market please?
I have enjoyed nearly a decade working predominantly in the Funeral Planning environment and see it as an important part of financial planning. With the plan that we will be offering I see a great future for many clients to give peace of mind to their end of life planning.
Q. Why do you feel offering a pre-paid funeral plan is important, especially for advisers?
Having a prepaid plan allows the client to take advantage of a very reasonable priced funeral at today’s price, with options to fund an inevitable rather large bill at a current affordable rate. This puts them very much in the driving seat when dealing with their affairs.
Q. How do you approach customers with such a sensitive topic?
I come from a financial services background and liken funeral planning very much to basic protection and hope to offer clients a mature and consultative approach, to ensuring their final wishes are adhered to as they would want.
Q. How do you envisage the pre-paid funeral planning market developing in the next 10 years?
I think the market will be bigger than ever. As people live longer this therefore allows a great business opportunity, whilst helping clients put their main wishes in place. This should lead to many opportunities to assist their family and friends with a safe and secure Trust backed Plan.
Q. Do you often see cross-over of products when discussing funeral plans? For example, wills & trusts?
The opportunity to cross sell is most definitely there. Clients may initially say they have everything taken care of, but once you fact find and uncover more information there are sales potential on almost all clients. This is especially true for clients wishing to wrap their estate up with the essential will, Power of Attorney and Trusts, not to mention potential for remortgage and protection.
I hope this answers a few of the questions and I look forward to working with the advisers in the hope to develop opportunities to build on their clientele and ensure ongoing opportunities to further build the business.