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Fee-Only Advisors and Clarifinancial a Perfect Match

Written by Aaron Pinkston, Thu, Dec 10 2009
This is about life insurance quotes

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Some of you have heard Clarifinancial is for individual life insurance shoppers. How could fee-only advisors find the same tool useful?

Clarifinancial matches people who are looking for insurance with people who sell it. Real people communicate relevant information anonymously to multiple agents and get real information back. The quotes come from multiple experienced agents, many of whom represent multiple companies.

For advisors, it’s like an RFP (request for proposal) for life insurance. It just takes a lot less time and involvement. Technically, it is a blind, multi-dimensional, reverse auction with a single winner.

This all happens anonymously, so unless you find something interesting, there is no need to spend time talking to a bunch of insurance agents. Furthermore, only one agent you choose is able to contact you through our service.

How much time?

The average healthy person takes less than six minutes to complete the quote request. Add about a minute and a half per relevant life insurance risk. The website automatically prompts follow-up questions (that are helpful for accurate quotes), so it may help to have your client on the phone to answer things about family history, scuba diving, or cancer.

Two days later, you will automatically get an email when your client’s quotes are ready to review. We make the quotes easy to sort based on factors that are important to you because choosing is easy when choices are clear.

Total time involved could easily be under ten minutes. You could spend more time than that talking with just one agent.

How flexible is it?

Our forms are easy to fill out and focus on your client’s needs. If your client needs 37 years of coverage, it is easy to say so.

Instead of trying to eliminate the experts, we plug them in and eliminate the pain of dealing with them. Our system allows agents to show different durations and coverage amounts when that might be advantageous to your client.

A recent example is when a young woman was looking for coverage into her 70’s. For a little bit more, an agent also quoted her lifetime coverage. In another case, a man only asked for $200,000 but an agent found $250,000 for less premium.

Clarifinancial is the only way (online or in person) to get custom quotes from multiple agents without any hassle. Other methods offer something less.

What about fiduciary responsibility?

Clarifinancial does not sell insurance, financial products, or offer personalized advice. We just want everyone to be happy with what we do.

Insurance agents pay Clarifinancial a fee for service when an insurance shopper (or a fee-only advisor) chooses a quote and requests contact. So while the fee comes from agents, we make money based on consumer demand, preserving our objectivity. As it should be.

When agents or companies show life insurance quotes, there is often a conflict of interest. They either limit the options to companies based on contractual obligations or they just show companies that make them money. Showing multiple perspectives and allowing flexibility in the process is critical to finding more accurate, more objective quotes for your clients.

The most objective way to review life insurance options for your clients is to have agents compete against each other. Clarifinancial is the only way to get custom quotes from multiple agents without any hassle.

Is it right for you?

If you are a fee-only advisor who understands the need for competitive experts but you want to spend less time dealing with them, this site is for you and your clients. Our terms of service only say if you use the system on behalf of someone else, you need their permission.

Clarifinancial is perfect for fee-only advisors who want to preserve objectivity and maximize their time because:

Try it now to see how you like it.