Lifesearch has developed an outsourced protection service for advisers which it will bring to market if there is support for the offering, CEO Tom Baigrie has revealed.
Advisers who take up the service would isolate the needs of the client, then provide Lifesearch with their factfind and a request to quote a fee for all the advice to best resolve their protection needs.
Lifesearch would operate a two-stage charge for the service, with the protection advice paid for when it is given, and a fee for underwriting charged on successful applications.
Baigrie estimated the service would cost about £1000 overall. The charge would be split between protection advice at £100 per hour with a £250 minimum, legal advice at £200 per hour with a £250 minimum, and underwriting advice and tele-underwriting at £40 per hour.
He said he would only target the offering at the "most professional" advisers disciplined enough to totally step back from the process once it had been outsourced to Lifesearch.
"Once the professional introduction has been made there can be no second guessing, no interfering, unless there is glaring evidence of negligence. Think of the relationship between a GP and a surgeon. Is such discipline possible among advisers?" Baigrie told delegates at the annual Institute of Financial Planning (IFP) conference in Newport yesterday.
He said he is currently guaging the level of support and demand for the venture before going ahead. The level of professionalism among IFP members makes them the most likely target group for the service, he said.
The Lifesearch chief executive handed day to day management of the business to managing director David Child last week so he could focus on creative projects at the firm.
