Guardian has published a white paper, On The Front Foot, designed to help advisers rise to the challenge of getting people the protection they need, and keeping it, in the midst of a cost-of-living crisis and ongoing economic uncertainty.
The 60-page white paper contains extensive market and sector analysis, helping advisers understand more about the current economic factors impacting their clients. It builds on the findings of Guardian’s survey of over 700 advisers into how the cost-of-living and other economic considerations are impacting protection advice conversations.
Drilling deeper into the results of that research, the white paper features a range of adviser and industry expert views, detailing their thoughts on how to help clients continue to appreciate the value of protection when their budgets are stretched. These views span challenges specific to mortgage and protection advice, specialist protection advice, and financial advice and financial planning.
Guardian’s CEO and a number of its executive team are featured, giving their view on the task ahead. The paper concludes with 10 takeaways based on Guardian’s own thinking and the insights from the featured industry experts and advisers. These takeaways are designed to help advisers ‘get on the front foot’ when dealing with protection in this economic context, to continue to educate and support clients in understanding the value of protection and the important role it plays in increasing their financial resilience.
Jacqui Gillies, marketing and proposition director at Guardian, said: “The current set of economic circumstances can be overwhelming for some clients. Household budgets are being squeezed and when budgets are tight, many find they have to make choices. What we don’t want to happen is that clients make choices that end up undermining their financial security. This is particularly important in our industry, as it’s difficult to come up with a sustainable solution.
“Payment deferrals, holidays, pauses in cover are all short-term solutions that might ease immediate pressure, but often give the client another dilemma if they still can’t afford the premiums at the end of the ‘break’. So, while many of these options seem beneficial to clients now, the longer this period of uncertainty continues, the more likely we are to see undesirable outcomes, and fewer people with the protection they need.
“Our task, as an industry, really should be on helping clients see the value that protection gives them, so they can make informed choices. That’s where advisers come in. They’re best placed to explain the value of a protection policy and give their clients peace of mind at this time of prolonged uncertainty. That’s why we asked advisers for their views in our research, and why we’ve produced this white paper, with its peer-to-peer views, research results, and a host of background information and statistics. We’re committed to growing the protection market by supporting advisers to have great protection conversations with every client, and that’s more important than ever during a cost-of-living crisis.”
The white paper can be downloaded here: https://adviser.guardian1821.co.uk/on-the-front-foot/
