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ScotProv says IFAs must change ways

Scottish Provident says advisers must change their attitudes to the protection sector if they are to keep their competitive edge in the marketplace.

With new products such as stakeholder, Isas and the controversy surrounding endowments, IFAs&#39 profit margins are steadily decreasing.

ScotProv believes independents will be forced to look again at the protect-ion market.

The life office is hosting a series of seminars with the theme, Advice Not Price. It is also trying to make IFAs realise there is more to serving their clients&#39 best interests than recommending the cheapest product.

It says if IFAs take a new look at their clients and their needs, they will find a range of possibilities for providing better coverage, creating more business in the process. The seminars are being held across the country until April 2001.

Protection product marketing manager Roger Edwards says: “We are trying to help IFAs grow their protection business through the delivery of awareness, information, marketing tools and sales angles.

“Ultimately, we want to provide them with weapons for the battle with the competition, direct providers and internet trading.”

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