Rob Betts , Market Development Manager , Legal & General

It ’ s still early in the year , but the signs are that advisers from across disciplines are making headway in aligning their services to better meet the changing needs of clients . We ’ re seeing the protection proposition widening . And there ’ s a desire to focus on better client segmentation and development .

Last year ’ s Consumer Duty changes kick-started this renewed focus on clients ’ wider needs . At the same time , it revealed the need for advisers to review their business models . In part to better meet client demands , but also to demonstrate value for money .

High wealth and high risk As part of this refocus , there ’ s been greater and renewed interest in the protection needs of wealthier clients . Those in the ‘ accumulation ’ stage with a preference for savings and investments , and those who ’ ve accumulated substantial savings and are now entering their ‘ decumulation ’ years .

These latter clients have important decisions to make about what to do with their savings and assets ; how to spend them and who to share them with . In all these decisions , advisers must help their clients limit or negate potential inheritance tax ( IHT ) issues for their loved ones and families .

Integrating protection as part of planning

CURRENT HEADLINES ARE AROUND THE ‘ GREAT TRANSFER OF WEALTH ’ AND THE OPPORTUNITY FOR FIRMS .

Building relationships and trust with their clients ’ loved ones can help secure ‘ family wealth ’ and ensure financial goals are met and protected .

As a result , there ’ s renewed interest and demand for advice around protection against the impact of death , illness and injury . And an area of advice gaining a lot of column inches

24 | PROTECTION ADVISER | AUTUMN 2024 |