Advisers are missing out on £22,644 of potential protection business from existing clients, a client management system has shown.
360 Lifecycle took a sample of data from 299 advisers, who used its system, and extrapolated the figure from client records that showed the number of adviser clients who did not have protection business in place.
It included those with protection in place that had not been bought through their adviser. And the data analysis assumed a 20% penetration rate, average commission rate of 150% and average premium of £50.
360 Lifecycle worked out how much protection business could be generated from; critical illness, life cover, family income benefit and income protection. It ignored up-selling to existing clients with policies in place.
Julie Speed, sales and marketing director at 360 Lifecycle, said: "Having spoken to many principals and advisory firms, it is clear that they are missing out on significant amounts of protection business.
"Many advisers have not yet been targeting their clients about G-Day because they just do not know where to start and do not have the right tools to identify specific client segments to deliver relevant messages."
She added it was vital advisers kept regular contact with their clientsto prevent business going untapped or elsewhere.
