Is it time to talk to your clients about 'you-know-what'?
If you look at the lifecycle of your client, which products are they likely to use? A funeral plan is not a ‘just in case’ product, it’s a definitely will need product. At some point all of us will die, an uncomfortable but unavoidable fact.
A funeral plan is not just a financial decision, it’s an emotional one. It really is about easing stress and having something in place that genuinely means one less thing to think about in one of life’s saddest and emotional times. Your clients can be assured they’ll get the funeral that they want, and it will save their family from any uncertainty over their final wishes.
Our commitment to you
The benefits to you as a registered intermediary
Full support from one of the UK’s leading funeral plan providers *
Full product and process training
Tailored marketing and support materials
New income streams from a reputable product that meets a genuine client need
Ongoing support from your Regional Account Manager and Sales Support Team
Easy application process
Paperless applications- the quickest, simplest way to complete a plan sale
In return, you’ll receive a £500 Introducer’s Fee for each Standard, Select or Premier funeral plans** sold, £240 for the Value Plan and £200 for Basic and Basic Plus Plans.
As of 15 January 2020, Golden Charter will no longer be paying Paradigm members an additional £100 override for each sale of their Standard, Select and Premier Plans.
The Government has recently announced plans to introduce statutory regulation to the pre-paid funeral plan market. This is the culmination of an enquiry by HM Treasury, which has been ongoing for some time, and is something we welcome as a positive step forward.
HM Treasury found examples of ‘customer detriment’ in many aspects of the funeral market including in the sales practices of some businesses, however it is important to note that these occurred primarily in the section of the market not supervised by the Funeral Planning Authority (FPA).
Whilst this is being implemented, HM Treasury has issued the below statement, encouraging consumers to use FPA registered providers until FCA regulation commences:
'FPA membership carries reputational benefits, and consumers may wish to consider using providers that are registered with the FPA, during the implementation period between FPA and FCA regulation'*
Funeral Plans are a needed and ‘safe’ product to sell
A pre-paid funeral plan is an easy way to plan ahead and beat rising funeral costs, helping to save families worry and expense at what can often be a difficult time. These products are an important part in the later life planning process, fixing the cost of the funeral director’s services in your plan at today’s prices. This means that no matter how much the cost of these services rise in the future, the customer or the customer’s family will have nothing more to pay for these services.
It is important to stress that funeral plans from a FPA register provider are safe to sell to clients, however there are a few things worth looking out for when choosing a provider. The Treasury Report* stated ‘The call for evidence identified concerns about funeral plan providers who choose to allocate their plans to funeral directors at the time of need.’ Furthermore, it is worth looking at how the money is protected by a funeral plan provider therefore consider asking questions about the provider’s trust before continuing with a purchase for a client. Understanding where clients’ funds are going is important, and if a provider doesn’t disclose such information then there needs to be a good reason why not.
Golden Charter allocates the funeral to an independent funeral director at the point of sale, not when the plan holder passes away. In addition, with a Golden Charter Funeral Plan, payments are protected by being paid into the Golden Charter Trust, a separate entity from Golden Charter and run by an independent board of trustees. These trustees ensure the Trust is fully funded and able to meet any redemptions as and when funeral services are required. Find out more information on the Golden Charter Trust here.
Why Golden Charter are good and safe to work with
This is an announcement we have been preparing for since the start of last year. Golden Charter have been long standing members of the FPA and have regularly called for stricter guidelines to ensure there is no detrimental effect on the consumer.
Golden Charter has been leading the way in ensuring that our funeral plans can only be purchased through subject matter experts, with our approach to third party sellers requiring them to be FCA regulated or members of a recognised professional body. The strong relationships we have sought and developed with our adviser networks is testament to that approach.
As a result, we have remained ahead of our competitors in our approach to sales quality, best advice and Treating Customers Fairly (TCF). For these reasons, we think we’re the best placed company to continue to provide pre-need options for customers in the new environment.
Peace of mind, without compromise
Golden Charter is a trusted funeral plan provider for a reason.
First and foremost, we’re owned by independent funeral directors across the UK. These are genuinely local businesses, with roots in the community and a reputation for service and support. This means your client and their family receive local, personal service when it matters most.
We believe our plans also offer value for money and choice. And crucially, they are priced to provide the certainty that your clients will receive the funeral they want, carried out with no compromise on service and quality. Their payments are protected and – once the plan is paid for* – they are guaranteed to cover the funeral director’s services within the plan, with nothing more for your client family to pay for these services.
Having that reassurance is essential when later life planning. And we believe it’s one of the main reasons why independent research has shown that 92% of our customers are happy to recommend Golden Charter.
When the time comes, just one phone call to your client’s chosen funeral director is all that’s needed to activate their plan. Everything will then be taken care of, and carried out according to their wishes, relieving loved ones of the stress and financial worry they may otherwise have to face.
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To find out more about the tools and support we provide to help sell our plans effectively and sensitively, call us now on 0800 171 2972 or visit goldencharterintermediaries.co.uk. Our approach is to provide flexible support to help you promote funeral plans and boost your business.