How Protection Providers Are Evolving: Key Changes and Their Impact on Wealth Advisers
The big news story in Protection last week was Royal London’s New IHT plan which is especially relevant to Wealth Advisers. This is an important step forward in an area where previously Zurich were the only provider offering access to such a product for all advisers, although I hear Aviva have kept the old AIG plan available for a handful of key distribution firms.
I’m expecting to see more providers coming into this space next year and look out for a detailed analysis of the different positions in this area early in 2025 once we have had the chance to ask searching questions about all the offerings.
A really important summary for anyone who is a protection provider or providing services to advisers, will be our Adviser wishes for 2025 the second part of our December Protection Forum. It features several people who won key awards at the Protection Guru awards this year. Scott Taylor Barr from Barnsdale Financial , who won our Outstanding Protection Adviser of the Year, Rachel Allison from Create Finance the winner of our Best Protection Advice from a Mortgage Brokerage, Lewis Breach from Future Proof, and St James’s Place who landed our Outstanding Training & Development Crown.
Michael Chapman from Dynamo was also on this session appearing for the first time as one of our panellists. He provided some great insight, and I look forward to inviting Michael back onto one of our panels again in the New Year. All the above provided valuable analysis. Not only can you read their high level comments on the page links above, but you can also listen to the whole of the session.
If you missed the summary of Adviser views on 2024 this can be found in the same way.
Just a quick reminder that you can find the full list of subjects we are to cover in our 2025 Protection Forums here as well as requesting a ticket for our 9th January event which will cover Addressing harm and vulnerability options from separating life policies. We have some outstanding speakers for that session, and anyone selling life cover or involved with Compliance really should consider it a must attend event.
Amanda Newman Smith produced another valuable summary of key issues on How Protection Advisers Can Support Clients Through Economic Abuse this included exploring identifying vulnerabilities, practical steps that can be taken and the need for vigilance around joint policies. It is well worth a read in advance of our January Forum.
Last week we published research conducted with advisers at our Consumer Duty Alliance Protection Forum. This was widely covered in the media you can read the coverage from the links below.
Money Marketing, Insurers must better engage with advisers on protection products, survey finds
FT Adviser, Protection industry must ‘rethink’ how it engages with advisers
IFA Magazine, Protection Guru calls for a major rethink of how the protection industry engages with wealth advisers
Financial Planning Today, Wealth advisers want protection help
Professional Paraplanner New approach needed to better present protection to clients – Professional Paraplanner
InsurTech insights see Protection Guru urges rethink in how the protection industry engages with wealth advisers
On the same theme Gary Waters explored Why Consumer Duty hasn’t solved the protection gap and what will.
Matt Chapman came up with some more great guidance for advisers looking to improve the effectiveness with which to raise protection discussion with his advice on Introducing protection at the right time – A blueprint for adviser success
British Friendly made some major changes last week You can find extensive details on their revised proposition on their Protection Guru showcase page.
I plan to write more about this announcement early in the New Year with a detailed look at what the changes mean for advisers and British Friendly policyholders.
Have a great week everyone.
