Commenting, Richard Coulson, deputy executive chair of Home of Choice, said: “For the past two years Home of Choice has developed and run intensive protection training workshops for our advisers. We did this, not only because we knew then that the market was changing and mortgage lending would suffer, but also because I and my other Board members came from a full financial planning background and therefore protection is (or should be) a key element in any client’s life.
“This has resulted in our best ever levels of protection sales since we began. The reasons for such an impressive increase are three-fold:
Firstly, we expanded our protection ‘kitbag’ over a year ago so in addition to critical illness and term assurance, advisers can also offer business cover, income protection, trusts and wills.
Secondly, many advisers concentrated solely on mortgage advice but the market has encouraged them to diversify their income streams.
Thirdly, the intensive training we provide places a heavy focus on advisers providing real financial planning because no matter what the ‘experts’ say, protection insurance is not something the average person will demand from their adviser. Unless a client knows someone who has been affected by a critical illness or death in the family and has benefited from an insurance payout, it is hard to understand the devastating impact lack of cover can have on their lives.”
Some advisers were initially not inclined to offer trusts because the time spent with clients and their trustees did not, on the face of it, adequately reimburse them. However, Home of Choice advisers have found that trusts provide an excellent source of new leads. The issue of death is suddenly brought to the attention of the trustees and they realise they must put their own house in order if they want to protect their family.
