IFA firm provides extra supporting material to help advisers discuss protection with clients
Quilter Financial Planning (QFP) has seen over 10% growth in its protection business in the year to end of the third quarter, compared to the previous period in 2019.
The year-on-year increase comes following a renewed focus on adviser protection support, which saw QFS provide extra support materials, said the firm.
The resources were designed for three different groups: those with a mortgage and no protection; those with wealth and no protection; those with business and no protection.
Advisers were encouraged to make contact with clients, with tips and guidance as to how to do this remotely where appropriate. Included in the resource packs were ‘gateway questionnaires' for clients to complete - these were designed to help clients understand the need to protect against the unexpected by choosing whether eliminate, reduce of take the risk.
One of the questions used included: ‘Retiring early due to ill health and not having enough income to rely on: Are you prepared to eliminate, reduce or take the risk?'
The toolkits also provided letter and email templates, ‘adviser prompts', checklists, training webinars and pre vetted data lists that advisers could act upon - all designed to help advisers place protection at the forefront of client's minds.
'Tricky conversation'
Gemma Harle, managing director of Quilter Financial Planning said: "The importance of having protection in place and the peace of mind it offers is vital. And yet we know there is a protection gap, even among advised clients. The problem with protection is that people often think it won't happen to them or it's something they can easily kick down the road.
"This is a behavioural challenge as much as anything else and it is a tricky conversation to have because really you are asking people to come to grips with the absolute worst possible scenarios, at a time of extreme sensitivity to global issues of health and the knock on impacts of the pandemic.
"While advisers are often used to tricky conversations, they have told us they are harder to have through video rather than face to face, so we focused on helping them properly plan and shape a ‘wealth preservation' meeting that makes a difference - this leaves both adviser and client with better peace of mind."
