Wealth advisers should be referring income protection (IP) business to dedicated protection specialists, according to Future Proof director Alex Cleanthi.
Cleanthi (pictured) was taking part in a panel debate on the second day of the Income Protection Task Force’s (IPTF) Income Protection Awareness Week.
When asked by Katie Crook-Davies what financial advisers should be looking for in a perfect referral partner, Cleanthi said expertise, experience and someone who specialises in protection.
“If they get experience in lots and lots of aspects of wealth, maybe they’re not the best partner,” Cleanthi explained.
He emphasised the importance of working with people who “live and breathe protection”.
“Our advisers are qualified in RO1 and RO5 but no more because they don’t need to advise on any other areas,” he continued.
“They’re obviously aware of other areas of wealth but it’s that depth of knowledge and what’s going to be the right solutions for people’s needs.
“They also know who are going to be the right providers when you’re talking about medical issues and when talking about the quality of contracts. That depth of knowledge only comes when you are experts – that’s all you’re doing.”
