View more on these topics

What advisers are saying: business protection

Last week I was bold/stupid enough to suggest that as an industry we can be too eager to dive into the technical nitty gritty and gloss over some of the simple but important bits – understanding the stuff people like and want, then delivering said stuff in a way that floats their boat (marketing anyone?). However, holding the ’technical’ name in vain is a surefire way to have one’s pocket money withheld – and this is precisely what Mr Wickenden senior has done until some redress for this profanity is made.

So it is my penance and my pleasure to spend a few weeks with you exploring opportunities for doing protection business in some of the more technically demanding markets such as:
● Inheritance tax related cover
● Business continuation
● Business succession
● The provision of employee cover through relevant life policies As a backdrop, there is an understandably strong current and continuing focus on acquiring and serving high-net-worth clients, with advisers more actively supporting those who are prepared and able to pay for on-going service. Commitment to a higher level of servicing to a smaller group of clients should put the spotlight on some of these more niche (and under-utilised) solutions.

My particular focus will be on what advisers are doing currently, what action plans they have and what they see as the challenges and opportunities in these markets. But I will also be finding out what is needed in the form of support, inspiration, training, documentation, literature and tools to really crack this market. So a quick taster menu for the coming weeks:

Hot buttons: Price remains a significant driver of selection for IHT related cover, keyperson and business succession. But underwriting, flexibility of cover, service/support and financial strength are playing an increasingly important role on product and provider selection.
Taxing times: Protection as an IHT solution has been overlooked to date but the possible continuing investor/client requirements to retain full access to investments could continue to drive up the attraction of a refreshingly simple alternative.
Down to business: The business insurance market remains vastly underpenetrated. If the reason why can be better established and articulated, there could be a strong opportunity to increase business.

Increasingly relevant: The tax attraction for employers and relative newness of the relevant life policies could offer an excellent opportunity to enter and build on the employer/employee cover market.
Right, I’m off to spend my pocket money!

Phil Wickenden is founder of So Here’s The Plan


Budget 12: Osborne pledges to increase homebuilder fund

Chancellor George Osborne today confirmed the Government is to expand the Get Britiain Building fund which providing money for construction firms by £150m. Giving his Budget speech today, Osborne said the fund would be expanded to provide extra finance to companies constructing new build homes. Before the Budget, around £400m was earmarked for construction firms […]

Hoban admits he can’t find answer on FSCS funding

Treasury financial secretary Mark Hoban says he has tried and failed to find a way of improving the Financial Services Compensation Scheme’s funding model. Advisers paid £93m out of a total £326m interim industry FSCS levy in January 2011, mainly to cover the cost of claims relating to Keydata. The FSCS announced last week that […]

Fidelity’s Khan targets emerging market banks

Fidelity Worldwide Investment global high-yield fund co-manager Peter Khan says he will favour emerging market banks over developed market banks in the new fund. The fund, which launched this week for Khan and senior portfolio manager Ian Spreadbury, will invest in 150 holdings, principally in BB and B-rated credits, with the option to hold CCC-rated […]


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