The majority of Australians want to be contacted by their financial adviser every year, according to a new MetLife Australia report.

MetLife’s Adviser-Client Relationship Report 2018 revealed that despite a massive 86% of people who want to talk with their financial adviser every year, only 56% of consumers and just over 56% of small-to-medium enterprises had conducted a review of their life insurance with their adviser in the past 12 months. Around half of those modified their cover as a result of the review, reflecting the need to help clients understand and update their insurance through annual reviews.

Findings also showed that having a regular review increases the likelihood for both consumers and SMEs to refer advisers to family and friends. The net promoter score for those who underwent an annual review increased to +30 for consumers and +9 for SMEs, compared to a respective -25 and -20 without a review.

“Many advisers are missing a trick by not talking to their clients on an annual basis,” said Matt Lippiatt, MetLife Australia head of retail sales. “Our research showed that people want their adviser to show they genuinely care, and they want to be kept up to date on a regular basis. An annual review delivers on both of these attributes. It helps to build trust – another essential ingredient in a successful adviser-client relationship.”

Annual reviews not only provide advisers with an opportunity “to check in regularly with their clients on their insurances, and to reinforce their value,” it also leads to increased client satisfaction and more referrals, Lippiatt said.

The study also found that SMEs have higher expectations than consumers when it comes to the annual-review process, with only 41% of SME’s rating their annual review as “very good” or “excellent”, compared to 62% of consumers.

SMEs “are likely to be highly engaged with reviewing their own business on a regular basis, and when it comes to their insurance they are looking for a personalised service from their adviser to fit their individual requirements,” Lippiatt said.