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.”