It aims to help brokers meet the requirements under the new Consumer Duty
Just Wealth, the financial services arm of national brokerage Just Mortgages, has strengthened its referral proposition to include support with protection cases for brokers at its sister firm, to help meet its Consumer Duty obligations.
Aside from referring clients for wider financial advice such as pensions, savings and investments, mortgage brokers can now utilise a Just Wealth financial adviser to help clients with their protection needs.
Just Wealth said the move aimed to streamline the process for brokers, helping increase their own bandwidth and the level of coverage, all while offering clients a high level of service all under one roof.
It comes with the recent arrival of Consumer Duty, the Financial Conduct Authority’s new regulation designed to eliminate foreseeable harm and ensure good outcomes for all consumers.
Just Wealth pointed out that the protection gap had long been identified as a clear challenge for the industry and under the new rules, a lack of protection could be seen as foreseeable harm.
Brokers across Just Mortgages’ national network have been actively referring clients to Just Wealth, having passed on more than 1,200 clients for financial advice last year alone. That number is already close to being surpassed so far this year, according to Just Wealth.
Aside from leads, referrals, and qualified introductions from Just Mortgages’ 650 brokers nationwide, advisers at Just Wealth also gained access to ongoing training, mentoring, compliance and marketing support. All are self-employed and have the freedom to advise, whether it’s pensions and investments, business protection or any other area of wealth advice.
“In the current climate and with the arrival of Consumer Duty, it’s never been so important for brokers to have meaningful conversations with clients about protection,” remarked Dave Magee (pictured), head of wealth at Just Wealth. “When that isn’t always possible, our new service allows Just Wealth advisers to step in and ensure that the mortgage is fully protected, and the client isn’t left exposed.
“We’re already in the process of overhauling our entire referral process to make it easier for brokers to refer and maintain a clear line of sight throughout that journey. Best of all, brokers benefit from the revenue share and ensure their regulatory requirements are met. Through our annual reviews, our advisers will be able to regularly monitor the suitability of products as required by the new duty, all while keeping clients warm for brokers for their next remortgage period.”
Carl Parker, national director at Just Mortgages, added that its partnership with sister firm Just Wealth presented a real opportunity for brokers to increase protection, maximise every transaction, and stay on top of compliance.
“In a busy brokerage, protection can all too often be a poor relation to mortgage advice,” Parker said. “In the spirit of Consumer Duty and delivering the best service to clients, this cannot be the case.
“Many of our brokers have already built strong partnerships with Just Wealth advisers, which will be reassuring, as they now look to refer over clients for protection.”
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