Labour’s 2025 Budget could be a mixed blessing for advisers as although changes to Inheritance Tax (IHT) relief have boosted interest in protecting incomes, concerns still remain over whether upcoming employer national insurance contributions (NICs) increases will result in some clients pulling cover for themselves or their staff.
This is according to Health & Protection 2024 Protection Adviser of the Year, Naomi Greatorex (pictured centre).
Greatorex also spoke to Health & Protection about how her work with supporting women in the industry was a key factor behind her Award win, the importance of evidencing success throughout the year and why it was nice to be recognised and celebrate her win with such a kind industry.
Large increase in post Budget enquiries
“We have seen a large increase in post Budget queries,” Greatorex tells Health & Protection, who says she is seeing a lot more referrals from clients looking for protection around inheritance tax at the moment.
“Because we work closely with a number of wealth managers and advisers so we are getting a lot more of that,” Greatorex continues.
“I think there’s been a lot of post-Budget conversations with financial advisers and that’s feeding into us.”
Fabulous experience
As for her Award win, Greatorex describes a “fabulous” experience.
“I thoroughly enjoyed the Awards,” Greatorex says,
“It’s always so nice to see the industry come together. Because I’ve worked with the industry for such a long time, it is so nice to see people all getting together and everybody being kind and supportive,” Greatorex continues.
“I think there is always a real nice atmosphere in the protection industry,” she adds.
“Whether you’re going to conferences or awards, I think people are genuinely supportive and happy to see each other which then creates a new friend group almost, which is lovely.”
Supporting female founders
Elaborating on why she thought she was recognised, Greatorex highlights work with the women of the sector.
“A lot of my references related to the work I was doing with women in the sector which I continue to support in terms of material and advice,” Greatorex says.
“Last year I did some work with a UK women’s event and also supporting female founders and female-led events to ensure women can access financial advice. That was what I spoke about in my award entry.”
Have a plan
And Greatorex advises Award entrants to “really think” about their entry and have a plan.
“Think about what you’re going to write and make some notes,” Greatorex says.
“Possibly even go through the year and note things as they happen so that you know what you want to talk about.
“I think that when I wrote my entry I knew exactly what I wanted to say and I think that’s probably key.
“You need to have some real examples that you can draw upon.
“I think by thinking about throughout the year and not leaving it to the last minute probably helps that because you’ve got the references already, what you’re going to say before you put your pen to paper.”
Widening network
But looking ahead to the rest of the year, Greatorex says the focus on widening her network this year.
“We did a lot of work last year in education of the importance of protection advice within our professional networks,” she continues.
“That is really what we are focussing on – not just dealing with clients who are requesting advice, but growing the advice market through education with things like professional introducers.
“I think certain areas are going to see a lot of growth.”
Employer NICs hike impact
Though a cloud on the horizon could be the fallout from another of chancellor Rachel Reeves’ announcements.
“I think the post Budget conversation around people protecting themselves is big,” Greatorex continues.
“But it will be interesting to see what happens with regards to what happens with the employment market this year and how we can work with our existing clients to continue to make sure that protection is affordable,” she adds.
“We do a lot of work with business owners and there is a lot of pressure on business owners post Budget – particularly with the increase in NI (National Insurance).
“I wonder how that will trickle through to the amount of budget people can set aside for their protection planning – both for themselves as business owners, but also for their employees.”
