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Home of Choice records 11% rise in protection sales

Home of Choice has recorded an 11 per cent increase in protection business during Q2 this year.

The mortgage network says sales in Q1 2009 were up 4 per cent on the previous year, while Q2 sales increased 11 per cent.

Its protection panel is made up of Bright Grey, Friends Provident, Legal and General, Scottish Provident, Aviva, Pioneer and Partnership.

Home of Choice deputy executive chair Richard Coulson says the results are the best levels of protection sales since the firm was started.

He says: “The reasons for such an impressive increase are three-fold. Firstly, we expanded our protection kitbag over a year ago, secondly many advisers concentrated solely on mortgage advice but the market has encouraged them to diversify their income streams, thirdly the training we provide places a heavy focus on advisers providing real financial planning.”

Home of Choice has also revealed that it has seen an increase in the number advisers joining it from manufacturer-owned networks.

The network says it is seeing an increasing number of recruits who are joining them from provider-owned networks which it says continue to turn a blind eye to the principles of TCF and sell loaded premiums products.

Coulson says: “Once we show new recruits what their clients could be paying as opposed to the loaded premiums that they are currently paying, advisers are quick to contact their clients to give better value for money.”

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Confessions of a not so wicked salesman

I hold my hands up, I am a wicked salesman. I confess to selling a £181,000 Norwich Union mortgage protection insurance policy and a Holloway income protection insurance plan to a couple in the next village a couple of years ago. The husband has just had a terminal-illness payment for stomach cancer, which has cleared his mortgage and the Holloway policy will carry on paying until his eventual demise but hey, aren’t us salesmen awful?

Prime motivation

As many mortgage advisers have already left or are thinking of leaving the mortgage market due to the credit crunch, we are bucking the trend with our current recruitment campaign and are looking nationwide for more mortgage advisers to join us.

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Comments

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  1. Home of Choice
    11% of nothing is still very little, Coulson is virtually admitting that HoC advisers were allowed to give mortgage advice without encouraging clients to protect themselves. From personal experience, I know that HoC were happy to accept business on this basis until the bottom fell out of the mortgage market, it wasn’t until then that other products were encouraged.
    The only advisers that will enter HoC would be those from a worse environment, no one else would limit themselves to HoC offering.

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