Stellane Cohen talks about the impact of the coronavirus crisis on his savings clients and the measures implemented by Altaprofits to reassure them.
In the midst of the coronavirus health and economic crisis, Stellane Cohen, CEO of the e-brokerage company Altaprofits, specializing in life insurance and wealth management, answers our questions about the current situation linked to the coronavirus. What advice can we give to savers in the midst of a financial crisis?
Interview with Stellane Cohen.
What is your first reaction to date on the crisis we are going through?
Stellane Cohen: ” Currently, all of our employees are teleworking. I get the impression that everyone started to work remotely in a very professional and efficient manner, and this, in a very few days finally. This concerns two large teams. Computer scientists, who, for their part, are very agile from a distance. And heritage advisers. They are therefore telecommuting and respond to customers on a daily basis. Everything is fine. We have the tools that allow us to distribute calls to all of our advisers. Finally, the rate of reception of calls is good, there is moreover, less stress and less loss of time. We have also set up a “digitalized” device which appears on our Altaprofits website to guide our customers to remote and online contacts.
What are the reactions of savers during this period?
S.C.: Today, we are very much in demand by savers. For an investor, the most important thing I would say is to be listened to and get a strong response from his advisor. In March, we passed the phase where certain savers were in “panic”, in particular those which had lived the preceding crisis of 2008. And it had lasted 18 months between the beginning and the end. So it can be long. We also signed 17 new Retirement Savings Plans during this confinement period. The activity is therefore still there despite everything.
What are the main demands since containment?
S. C: We reassure them and we remind them of the fundamentals of life insurance, that it is an adaptive contract, which is designed to experience periods of increase as times when the markets are more agitated … The most important thing to my sense, is to bring transparency, flexibility and online services on their contracts. At Altaprofits, our clients have access to their real-time account position, and moreover, if they wish to make arbitrations online, they can do so independently or be accompanied by one of our advisers. Then we are there to explain to them not to act in a rush. Life insurance is a long-term investment, depending on the project, for which you should save regularly, over the long term.
What support has Altaprofit implemented?
S.C: Our goal is to be close to our customers. We offer a digital product in life insurance and wealth management. So our advisers can tailor-make according to the request and the client’s profile. For example, guiding him in adjusting his savings portfolio, exchanging on market opportunities, and adapting his investments according to his profile. Another important point, we have set up a weekly emailing of information for the benefit of our customers. They therefore receive all direct and necessary information. We have also long offered our customers contracts on the Internet which prove to be particularly suitable in the midst of the turmoil and financial crisis. Everything is possible once connected to your online account (real-time consultation of your portfolio, advisers available by chat or telephone, etc.) ”
In the end, Stellane Cohen remains positive and reminds us that we must above all keep a cool head, stay cautious and not make a decision in a rush. Aren’t life insurance contracts made to last over time …