Schroders Personal Wealth (SPW) has announced a new proposition aimed at tackling the protection gap across the UK.
To help close the £2.4trn protection shortfall in the UK identified in the Swiss Re Term and Health Watch Report, 2012, SPW has committed to not taking commission on any protection advice from clients when discussing wider financial planning.
The proposition is based on the firm’s established existing relationships with Scottish Widows and Legal & General, providing life insurance, critical illness, income protection and whole of life.
Commenting on the new proposition’s launch, Mark Duckworth, CEO at Schroders Personal Wealth, said ensuring the right protection in place is the “cornerstone of a holistic financial plan” and a client need
the firm believes is currently under-served.
“There is a huge gap in the UK protection market and as an industry we should be doing more to help educate and engage consumers in this space.
“Our new proposition provides affordable personal protection as part of a holistic plan and helps us to
achieve our vision of delivering more advice to more people, whilst addressing a growing societal
need.”