Financial advisors can increase their value to clients by addressing property and casualty insurance needs during the financial planning process, according to a new research paper by Chubb and Oliver Wyman.

“As noted in our research, the wealth management industry is in the midst of a disruption,” said Ori Ben-Yishai, executive vice president and chief marketing officer of Chubb North America Personal Risk Services. “While change can be unnerving, many leading financial advisors will seize this unique opportunity to provide greater client value, which centres on helping them address their clients’ P&C insurance needs. This approach is complementary to traditional guidance and provides yet another safeguard to help successful individuals manage accumulated wealth holistically.”

According to the research paper, “The Overlooked Gap in Financial Advice,” more than three quarters of successful individuals want their P&C needs addressed by their financial advisors – but only 28% of advisors currently provide P&C support. And that could be an issue for advisors; Chubb’s research found that nearly 40% of successful individuals would consider switching to an advisor who does offer P&C support.

“That’s a telling sign,” said Annmarie Camp, executive vice president for sales and distribution at Chubb Personal Risk Services. “One size doesn’t fit all, and at Chubb our approach centres on understanding the specific needs of consumers so we can provide customized strategies to ensure valuable assets are properly protected and insured in case of an unanticipated event.”