View more on these topics

Don’t look down on protection

An elitist attitude towards protection sales is being adopted by a number of IFAs, according to Highclere Financial Services partner Alan Lakey.

Speaking at the Money Marketing protection round table event, Lakey said some IFAs who regard themselves as wealth managers are looking down on protection and advisers who want to deal with the protection needs of the consumer.

He said: “Something the retail distribution review has highlighted in the last year or so has been a kind of elitism where there are certain sectors of the IFA population who consider themselves as wealth managers, as if that is an elitist position. “There is this divide where some people think it is too low for them to deal with protection. I think that is a big issue.”

However, Tenet distribution development director Keith Richards disagreed with Lakey’s critique by highlighting the differences between an IFA dealing with a wealthy individual as opposed to an everyday consumer.

He said: “If you are choosing to specialise in wealth management you are changing the type of client profile.

“You are generally dealing with customers that have already accumulated quite an amount of wealth, customers that want you as an adviser to be skilled enough to help them manage that money.

“Therefore, there tends to be less of a protection need, other than inheritance tax.”



News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm