He says advisers have always had competition from other parts of the industry for business.

But lately more  have complained of banks encroaching on their territory as they honed their sales processes.

De Marigny put that down to the fact the market was not growing as fast as it should, so the squeeze was on to capture market share.  “There’s not enough happening to grow the number of customers who buy insurance. There are more people trading off a similar-sized market. Someone is always going to gain at someone else’s loss.”

Sovereign products are sold through ASB branches. But De Marigny said advisers, especially those outside Auckland working with clients who were fiercely loyal to local providers, should not be too worried about the banks’ movements in the insurance space.

“If the customers know that you look after them and they trust you and you understand what they need, you’re not just someone who holds the policy.”

People who worked on developing personal relationships would be valued by their clients, he said. "That is the secret weapon."

But he says no one should think they own their clients.

Every day, people are marketed at one way or another, whether it's from supermarket loyalty schemes or at the banks. “Our job is to be top of mind and make sure you represent value.”

Advisers could think of themselves as operating in the same way a private bankers, he said.

People often aspired to deal with private bankers rather than general bank staff because it made them feel special and valued.

“Advisers are the personal bankers of insurance,” he said. “Not cheaper,  but better service.”

De Marigny said advisers should put as much effort into retaining customers as they did to finding new ones. "Growing your piece of the market comes from growing new business and retaining what you've got."