In episode 82 of the Growth Series podcast, Andrew Calder, Corporate Account Manager at Accord Mortgages, is joined by Nicola Mckenzie, Private Client Services Manager at Dunham McCarthy and Matt Brown, Head of Proposition at Primis, to discuss the protection gap in the market.
Andrew begins by asking Nicola what protection means to her and her business. She responds by describing it as the foundation to any solid financial planning, whether it’s estate planning, mortgages or something else.
Nicola then discusses how her firm has designed the customer journey, and she says they offer a complimentary will writing service to anyone who agrees to have a protection review, as this can help open up the protection conversation.
Andrew turns to Matt and asks what his network is doing to support its appointed representatives. Matt answers by insisting that education is very important, arguing it is “madness” that half the population who took out a mortgage through an intermediary didn’t get protection.
The conversation then moves on to how advisers can support clients amid the cost of living crisis, which Nicola notes actually creates more of a need for clients to have protection in place.
Next, Andrew asks about the protection needs of rental customers. Nicola says she is very passionate about this area, as nearly three-quarters of renters have no protection, which means advisers must do more to encourage awareness among this group.
Andrew then raises the issue of the incoming Consumer Duty, asking if it means businesses must have a robust conversation with clients about protection. Matt states that if brokers don’t want to sell protection themselves, that’s fine, but that they shouldn’t ignore it, and can instead hand it off to another specialist.
The group then discusses using technology to support their business. Nicola believes technology is really important, as it frees up time for advisers to focus on what they do best. Matt adds that technology helps businesses be smarter and bring in leads.
Finally, Andrew asks Matt and Nicola to share their top tips to advisers on how to close the protection gap and ensure the needs of clients are met.
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