IFAs must go online for protection sales: Chadborn
One of the biggest challenges facing protection advisers this year and next is embedding non-advised automated products on their websites, Peter Chadborn has said.
Speaking at the Protection Review conference in London, Mr Chadborn, director of Essex-based Plan Money, said IFAs must offer online product sales through their websites to compliment their advice offering and give customers choice and flexibility.
He said: “I don’t buy the sentiment of low-value clients, because I have got plenty of those who don’t have many funds under management, but they can give me three to four referrals a year.
“A high-net worth client can be very difficult to deal with and give me low-value referrals and transactions, so you don’t want to ditch low value clients.
“For us it’s about asking the market how they want to do business with us, rather than the other way around. Clients want to be able to jump on and off of the advice train.”
In addition to plugging in automated sales, Mr Chadborn suggested making processes more efficient, such as using tele-underwriting and outsourcing areas of advice to specialist partners.