‘How advisers can use protection specialists to better serve clients’ by Ken Maxwell published in FT Adviser

In the ever-evolving world of financial services, wealth accumulation is no longer the sole focus of advisers.

Today, clients demand a more holistic approach to their financial wellbeing; one that also includes risk management and protection planning.

In this context, partnering with protection specialists can be a game-changer for financial advisers.

Protection specialists bring expertise in life insurance, income protection, critical illness cover, and other insurance products that safeguard clients against unexpected risks.

By collaborating with these specialists, advisers can offer more comprehensive, tailored financial plans that strengthen client relationships and differentiate themselves in an increasingly competitive market.

As recent government policy changes have emphasised the importance of life insurance and broader protection planning, this area has never been more relevant.

Financial advisers can no longer afford to ignore the crucial role protection plays in securing a client’s financial future.

However, mastering every nuance of protection planning, especially in complex cases, can be time-consuming and requires specialised knowledge.

This is where protection specialists come in; they allow advisers to offer high-quality advice across all areas of financial planning without needing to become experts themselves.

Role of protection specialists in financial planning

Protection specialists work closely with financial advisers to provide the expertise needed for comprehensive protection strategies.

At firms like John Lamb Hill Oldridge, specialists collaborate with a client’s wider advisory network, including lawyers, accountants and financial planners, to offer holistic protection advice.

The result is a more well-rounded and tailored financial plan for the client, addressing their unique needs in a way that is often difficult to achieve in-house.

The role of a protection specialist is particularly important in complex, high-value cases where individual needs may differ drastically.

For example, clients with pre-existing medical conditions, high-risk occupations, or specific lifestyle factors require custom insurance solutions.

Protection specialists bring a deep understanding of the insurance market, helping financial advisers find solutions that are best suited to these clients, rather than offering generic policies from a single insurer.

Key reasons to partner with protection specialists

1. Access to up-to-date industry insights

The protection industry is constantly evolving. New products are introduced, regulatory changes occur, and the needs of clients shift over time. Protection specialists stay informed about these developments and can share the latest insights with financial advisers.

Through regular training sessions, industry updates, and ongoing support, specialists help advisers stay on top of emerging trends and make informed recommendations. This ensures clients receive the best possible advice based on the most current information available.

2. Tailored insurance solutions for clients

Protection specialists bring a wealth of knowledge and experience in crafting tailored insurance solutions. They understand the complexities of the insurance market and are adept at finding policies that suit the unique needs of clients.

Whether a client has a history of health issues, works in a high-risk field, or has other specific requirements, a protection specialist can navigate the vast array of insurance products available to match them with the most appropriate coverage.

This expert guidance ensures that clients are not limited to the offerings of a single provider, and that they receive the most comprehensive coverage at the most competitive rates.

3. Access to the whole market

Unlike direct insurers, who may be restricted to offering products from only one provider, protection specialists have access to a wide range of insurers. This broad market access enables them to compare and select the most suitable policies from multiple providers, ensuring that clients receive the best options available.

For instance, specialists with access to international markets, such as the US, can secure additional coverage for clients who may have reached the maximum limits of UK-based policies. This flexibility provides clients with greater peace of mind and more comprehensive protection.

4. Guidance through the underwriting process

The underwriting process can be complex and time-consuming, especially for clients with unique circumstances. Protection specialists assist clients in navigating this process, ensuring that all necessary documentation is provided and that any potential issues are addressed promptly.

Their expertise increases the chances of securing coverage, while also helping to ensure that clients receive the best possible terms and premiums.

By guiding clients through underwriting, protection specialists can help streamline the process and avoid unnecessary delays.

5. Time saving for advisers

Protection planning can often be a lengthy process, with policies taking several months to finalise due to delays like waiting for GP reports or additional medical information.

By outsourcing protection planning to specialists, advisers can save valuable time and focus on other areas of financial planning. This allows them to maintain their workflow and manage other important aspects of their clients’ financial health, without getting bogged down in the intricacies of protection policies.

6. Support during claims and policy changes

A client’s circumstances may change over time, and they may need to make claims or update their policies. When this happens, protection specialists offer continued support, managing the claims process and helping clients make necessary adjustments to their coverage.

Whether it is adjusting a policy due to a life event or assisting with a claim, specialists reduce the administrative burden on both advisers and clients, ensuring that the process runs smoothly and with minimal stress.

Strengthening client trust and satisfaction

The benefits of partnering with protection specialists go beyond simply providing a more comprehensive service.

This collaboration fosters greater client trust and satisfaction by demonstrating a commitment to addressing all aspects of their financial needs.

Protection specialists help advisers ensure that clients are adequately protected from financial risks, allowing them to focus on wealth creation without neglecting the importance of risk management.

Moreover, offering well-rounded financial solutions that include protection strategies can strengthen an adviser’s reputation.

Clients who feel confident that their adviser has their best interests at heart are more likely to stay loyal and refer others to the business.

As trust and reputation are essential to success in the financial advising industry, integrating protection planning into financial advice is a mutually beneficial strategy.

Conclusion: a win-win partnership

In today’s financial landscape, advisers who work with protection specialists can offer more comprehensive, tailored advice that goes beyond just wealth accumulation.

This collaboration enables advisers to manage risk effectively while helping clients safeguard their financial future.

By partnering with protection specialists, advisers not only enhance client satisfaction but also differentiate themselves in a competitive market, ensuring business growth and success.

With protection planning becoming more critical than ever, leveraging the expertise of specialists is a smart and strategic choice for advisers who want to provide the most comprehensive service to their clients.

Author: Ken Maxwell, Director at John Lamb Hill Oldridge

Article published in FT Adviser, April 2025