Protection insurance is by the far most common service offered by advisers, according to the Lang Cat’s seventh annual State of the Advice Nation (SOTAN) report.
The report shows that protection is offered in-house by the majority (84%) of advice firms across the UK and is by far the most common service offered.
Next on the list is targeted advice according to occupation offered by just over half of firms while 44% are providing assistance with long-term care planning.
In contrast 17% are supporting clients with defined benefit (DB) pension transfers and just over one in five (21%) are offering equity release services.
Support with long-term care was the third most common service offered in-house by 44% and a further 18% have a trusted referral in place.
This means more than 60% of firms are working with clients to prepare for a potential care need.
Steven Nelson, insights director at the Lang Cat, (pictured) said: “We can see from these findings how diverse advice businesses are in terms of the services provided – also, how they continue to evolve as they look to support clients with major issues they face.
“The numbers suggest more people are feeling financially vulnerable to cost-of-living pressures and are seeking more protection.
“But also, long-term care is clearly a concern that they are looking to prepare for given stretched local authority services and rising fees.”
Marina Herbert, operations director at Herbert & Webster, added: “We are pleased to see that protection is widely offered as part of the financial planning proposition.
“This is an encouraging trend for the industry.
“We believe that no financial planning and investment strategy stacks up if it’s not protected.
“Our clients have wonderful aspirations and goals, and it’s essential to get the right protection in place so these goals remain within reach.”
“We’re also seeing more clients looking to us for help with planning for long-term care. They want reassurance and to know that things are taken care of when they’re likely to be at their most vulnerable.
“Our role as advisers is crucial in making sure they’re supported and feel prepared for any challenges that might arise.”
