The technical information service for life insurance advisers, Protection Guru, will hold bi-monthly virtual forums for Consumer Duty Alliance members to help “demystify” protection advice.
The forums will also aim to help wealth firms identify how they can define the best strategy for clients’ needs in these areas.
The events will complement Protection Guru’s existing monthly Protection Forums as well as the AdviceTech Forums already chaired for the CDA by Protection Guru founder, Ian McKenna.
McKenna commented: “Since RDR, the protection and wealth communities in our industry have largely diverged.
“Wealth firms today work very differently from the way they did pre-RDR yet life insurers frequently failed to recognise the nuances in wealth adviser processes.
“With this forum we aim to bring the two communities back together and create better mutual understanding of how to work most effectively”
Additionally, Consumer Duty Alliance CEO, Keith Richards, said: “The recent announcement of the Pure Protection review has made it clear that the FCA sees protection as a key part of the advice landscape and core to consumer duty obligations.
“In recent years, however, many wealth firms have understandably focused on clients’ retirement planning needs, resulting in a general reduction in the level of protection business written across the sector.
“McKenna has worked successfully with us running our AdviceTech Forums and I’m delighted he has agreed to put a similar structure in place, to help support how our members re-engage with protection”.
The initial CDA Protection Forum will take place on Tuesday October 29.
Speakers will include Richards, who will address why its essential for advisers to decide how they wish to address protection needs, Emma Thomson, chairperson and director of Women in Protection and LifeSearch head of product, Alan Richardson.
Each speaker will share their extensive experience of the subject and the session will be chaired by McKenna.
The second CDA Protection Forum will take place on December 16 and will focus on why business protection is both a crucial advice area and a huge opportunity for wealth advisers.
tom.dunstan@ft.com
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