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Protection opportunities in 2010

Industry commentators are touting social networking, financial makeovers and revisiting existing clients as three key opportunities IFAs should seize in 2010.

Direct Life and Pensions Lifequote head of new business Phil Jeynes says the biggest opportunity in 2010 is revisiting existing clients.

He says: “IFAs have this huge back book of clients that have either not bought a lot of of protection or any protection, and that to me is the ultimate place to start. Go back to your previous clients.”

Reflecting on last year, Jeynes says the only negative was that the Consumer Protection Insurance Engagement Campaign fell by the wayside. But while he questions whether it can be revived, he says: “This year, what advisers need to do is not wait for this campaign to come along and save the day, but tackle the issue of under-protection locally.”

Bright Grey and Scottish Provident proposition director Roger Edwards says as many people start to include fitness makeovers in their New Year resolutions list, IFAs should start targeting existing clients and offer them a financial makeover as part of their resolutions.

He says: “At this time of the year what most people do is join a gym, but that only lasts about six weeks before people drop back to their usual complacency.

“Why not IFAs cashing in this time of the year by suggesting a financial makeover to help sort out their finances. Start with a bit of marketing to existing clients, a bit of prospecting to new clients or putting an advert in your local paper.”

Edwards also suggests using social networks as a marketing tool, such as a Facebook advert.

He says: “Use social networking to raise awareness a bit more. You can target almost down to micro-demographics and you can control the costs.”

Bond Wealth Management IFA Henrietta Oxlade says the protection market has been “seriously” overlooked during 2008 and 2009 as many clients have lost confidence in financial products, and advisers have therefore not had the inclination to concentrate on this area.

However, she adds: “I believe that the challenge for advisers in 2010 will be to embrace the fast approaching changes in the industry, to significantly ramp up the consistency and quality of service offered to our clients, while at the same time to put the whole RDR issues into perspective.

“This is a hugely distracting time for the adviser, and it has been all too easy in 2009 to get bogged down by exam preparation, changing of business models, fee propositions and so on. The facts are that we have a job to do, and we must not lose sight of the basics.”


IHT: What were you doing in 2009?

One of the best sources of new business is your existing clients and, if they are estate planning clients, regular reviews are needed because people’s inheritance tax (IHT) problems tend to only get worse. Now, not a lot of things remain at the same rate as in 2009. If we turn the clock back, it […]


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. I’ve been in the industry 31 years and every year we’ve been told that there are big Protection opportunities ahead!

    A Facebook advert is certainly one option but that is hardly making good use of the opportunity that social networking offers IFAs to highlight their expertise in Protection.

    Most IFAs should:

    1. Use social networking to share best practice and sales ideas with other IFAs on Protection BEFORE using it as a marketing tool.

    2. Learn what social networking is, how it works and how to apply it in an IFA business.

    3. Join LinkedIn and IFA Life, and set up a Facebook business page highlighting your Protection expertise.

    4. Start using video as a marketing tool. Upload it to YouTube. Did you know that YouTube is the second most popular search engine?

    Take a look at these fantastic videos produced by two IFA firms:

    Here are ten Internet new year resolutions for IFAs:

    Philip Calvert

  2. Good advice Phil, and I couldn’t agree more.
    Take care.



  3. Also agree with Phil. Think there will be opportunties in PMI in the next year or two though. Whichever government gets in come springtime wont be able to sustain recent growth in investment in NHS then watch the scare stories…

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