Protection conversations increasingly common for advisers

Protection conversations increasingly common for advisers
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Many of advisers who did not normally talk about protection are now doing so, according to research by Guardian.

A survey of 300 advisers carried out in October found 85 per cent, who previously did not talk about protection, are now doing so, up from 83 per cent in a summer survey.

Additionally, 82 per cent of advisers said the pandemic now featured in all of their client protection discussions.

An earlier survey by Guardian this year found that three-quarters of advisers said there had been an increase in willingness by clients to talk about protection.

As the pandemic persists, this willingness remained, with 76 per cent saying clients are more willing to discuss protection than before the pandemic.

Jacqui Gillies, marketing and proposition director at Guardian, said: “Half a year on from the initial shock, 76 per cent of advisers report clients are still showing increased willingness to discuss protection.

“This is the single most important change we’ve seen in client behaviour for years and it’s persisting. The experience of 2020 means protection is what people want to talk about.”

The survey also found that more than half (56 per cent) of advisers saw an increase in protection enquiries from new clients, up from 39 per cent in the summer.

Almost half (49 per cent) were seeing an increase in queries from their existing customer base, up from 40 per cent in the summer.

Additionally, 53 per cent reported an increase in protection sales.

Ms Gillies added: “Almost everyone has a protection need. Covid-19 has put this front of mind for clients and many have been making proactive inbound calls seeking financial advice.”

The findings from Guardian come after some advisers reported receiving an increase in protection referrals amid the coronavirus pandemic.

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