Posted by @
03:17 PM, September 19
Like all right-thinking advisers I applaud and concur with Tom's call to arms.
Protection, unlike savings and investment. is essential. If the ABI will not or cannot assist then it is up to the insurers to fund such a campaign.
Rather than waste money on cheap cups and umbrellas they should fight the protection corner and drag consumer awareness from where it currently resides in that dark corner over there.
Posted by @
03:14 PM, September 19
Having read what Tom has written it clarifies why the ABI, Govt and the FSA have not taken action. Basically it is not in THEIR best interests.
As is often the case it is in our clients and us as their advisers to help them identify the risks they are taking and then make a conscious decision to do something (or nothing should they wish) to protect their families wellbeing.
I would happily pay a turnover based leavy to help promote this information.
The better informed clients are BEFORE we sit down with them, the more valuable use of out time can be made in front of them.
It is dissapointing, that the FSA Consumer guides (and whilst I'm sure we can all find fault with them) are excellent particularly at getting voer teh basics of pensions and mortgages, there is nothing like the focus on protection.
I wholeheartedly support Tom's stance on this. I know other people like Brian Lentz also consider protection needs very important.
I know scare stories are not nice, but sometimes people NEED distrurbing. I use the axample of a declined critical illness claim one of my clients suffered to explain the importance of full disclosure. NO adviser wants a client to pay good money for something that proves worthless.