Referring clients to protection specialists can be a win-win for wealth and protection advisers, emphasises Middleton Wealth Management adviser Daniel Weaver.
Weaver acknowledged that some wealth advisers resisted referring business because they did not want anyone else to be involved with their client, but he said his experience had been a positive one.
And he called on those who were not prepared to talk to their clients about income protection to signpost this business to a trusted protection adviser.
Speaking on the third day of the Income Protection Taskforce’s Income Protection Awareness Week, Weaver explained it was important for wealth advisers to do due diligence on their partners so they knew they could trust them and when was the right time to involve an IP specialist.
According to Weaver, this can be the period of time in sorting out a pension transfer when wealth advisers find themselves consumed by reporting, suitability letters and compliance on behalf of their clients.
Weaver suggested that it is in these couple of weeks when a wealth adviser is not having meetings with their client that their trusted partner can sort out the income protection.
And he added that establishing these relationships with trusted partners can be mutually beneficial.
“Once you’ve got that foundation in place then it’s an opportunity to increase your commerciality because they will refer clients to you,” he said.
“They absolutely will. It’s happened to me. I know it does so I’m not just sat here guessing. It’s happened me so don’t be scared of it.
“Go and make sure you get with the right people and it will open other doors. It may be an extra client a month or two clients a month but that’s 24 clients a year you wouldn’t ordinarily be in front of, so from my point of view it’s really improved my commerciality as a business.”
