View more on these topics

Analysis: Put your mind to protection sales

Adams Richard MS blog 150

Our network has recently developed a greater footprint in areas such as Scotland and Northern Ireland. Achieving widespread growth has given us a completely different perspective on the market and how advisers work.

Weighing up the level of activity in various companies across the country shows how unique some of our regional firms are. Clearly noticeable is the discrepancy between firms simply conducting mortgage advice business and those that pair it up with ancillary sales, specifically protection.

The statistics do not lie: firms in Scotland and Northern Ireland seem much more willing and adept at delivering protection advice and sales than firms elsewhere in the UK.

Why might this be? Cynics may suggest that, with lower mortgage proc fees achievable in these regions, there is a need to cross-sell activity. There may be a kernel of truth to this but in my opinion it is more a question of mindset.

If you work with high-net-worth clients, you may deem their need for protection small (which is not necessarily the case). Most advisers, however, play firmly in the middle ground, where unemployment, accidents and sickness are equally likely to happen. These clients require protection.

And nearly every client will have a need for general insurance products. The question is whether the adviser and firm are willing to wade into these sectors and provide quality advice. Those that do will reap long-term rewards from a potentially profitable income stream that adds real client value.

Recommended

Cover-Protection-Umbrella-700.jpg

Protection payouts hit £3.4bn in 2014

Insurers paid out £3.4bn to protection policyholders in 2014, industry figures show. Association of British Insurers members saw a total of 131,543 claims in 2014, up 28 per cent from the 2013 figure of 102,384. The increase came as a result of a surge in claims for whole of life insurance policies, which rose from […]

Sign-Signing-Letter-Contract-Business-700.jpg

Letters: FSCS reform is needed but so are new sources of funds

Star letter: FSCS reform is needed but so are new sources of funds – and from where? Last week, Mortgage Strategy reported that nine in 10 mortgage professionals believed the Financial Services Compensation Scheme levy should be reformed. I am in wholehearted agreement. A levy that means the industry has to foot the bill for problem […]

Board-Room-Meeting-Room-Business-700.png
3

Richard Coulson to take charge of Pink

First Complete business development director Richard Coulson has taken charge of sales and recruitment at Pink Network following Mark Graves’ departure. He will still be in charge of the same areas for First Complete, while the individual brands remain unchanged and still have their own regional director teams. Earlier this year Toni Smith’s role was […]

Cash-Wallet-Consumer-Retail-Shopping-700x450.jpg

Ex-BSA boss runs Fairer Finance consumer advisory board

Fairer Finance has appointed former Building Societies Association director general Adrian Coles to lead a new consumer advisory board that will oversee the organisation. The board will scrutinise the consumer group to ensure it works for the benefit of financial services customers. Coles will recruit new members to the advisory board. He says: “Having spent […]

Newsletter

News and expert analysis straight to your inbox

Sign up