Advisers across the board could do more to up their game when discussing protection, Health & Protection has heard.
Industry experts were responding to a speech delivered by Association of Mortgage Intermediaries (AMI) chief executive Robert Sinclair at this month’s Protection Review conference.
In his speech Sinclair slammed mortgage advisers for how they approach conversations about protection and criticised them for being too risk and compliance heavy.
Responding to Sinclair’s comments and speaking on behalf of the Protection Distributors Group, Cavendish Ware associate director Roy McLoughlin (pictured) told Health & Protection that compared to five or 10 years ago the mortgage industry had vastly improved in discussing the subject of protection.
“Those who do it well have often formed powerful strategic alliances with protection specialists while others admirably have set up or extended internal divisions to service this need,” he said.
“However, as Robert Sinclair correctly alludes to, there is a long way to go and until this becomes a natural state of mind, we have a significant’ gap to fill.
“Improved collaboration between our two industries together with signposting synergies are the solution and the good news is the protection industry is willing and ready to help.”
More could be done
Although independent financial adviser Victor Sacks, owner of VS Associates, told Health & Protection he did not think the mortgage advice profession was on its own in needing to improve.
“I think more could be done across the profession to engage in protection discussions,” he said.
“From what happens if a client is sick or ill and unable to perform the material and substantial duties of their role, to a 60-year-old who is diagnosed with a life threatening illness and what effect that would have on cashflows and their future financial plans and could a critical illness plan be useful?
“If everyone who is qualified to discuss protection and business protection had one additional conversation a month on this subject, I’m confident that the percentage uptake would increase and give confidence and confirmation to the adviser, that this is a worthwhile addition to the adviser-client sales conversation.”