Revealed: advisers’ top tips for successfully selling protection

Legal & General’s ‘The Secrets of Protection Success’ report launches today, providing intermediaries with a set of practical and actionable insights.

The report, which was developed following in-depth interviews with top intermediaries who have between two to 20 years’ experience working in the protection industry¹, aims to help the wider adviser community gain useful and practical guidance to support client conversations.

Despite protection being one of the most important financial products it is not always easy to introduce it into conversation. Common challenges to having the conversation include:

1. Lack of understanding – where intermediaries focus more on a product than a solution
2. Lack of time or incentive – which can lead to superficial conversations
3. Complexity – the detailed nature of the product can make protection a difficult sale
4. Unexciting – which can make it harder to get people interested compared to other products
5. Sensitive topic – which can make it difficult to raise

However, the top advisers also had recommendations for how to improve the process, suggesting the following points:

1. Passion and stories – draw on the lived experiences of friends, family, and even your own lives to bring the products to life
2. Assertive conversations – proactively bring up the protection topic, even if it can be uncomfortable
3. Cycle of confidence – believe in the value of protection, understand the process, and have detailed knowledge that can be tailored to fit clients’ needs
4. Process – the process involves three key stages: understand the details of the client’s life and financial goals, work through relevant ‘what if’ scenarios, and finally: build a framework focused on solutions rather products, costs and pay-outs
5. Repositioning protection – place protection within the bigger financial picture and help clients see it as an investment in their future

The Secrets of Protection Success report marks the start of a new educational initiative for intermediaries, delivered by Legal & General. Throughout 2023 it will share a range of guides and resources that delve deeper into each key tip to help intermediaries achieve better outcomes.

All the resources will be housed on a dedicated hub, with access to guides and insights on a range of themes such as how to reposition and reframe protection, how to make protection more tangible and how to approach the client conversation.

References

¹ Between April and May 2022, Legal & General interviewed 16 generalist and wealth independent financial advisers, mortgage and protection advisers, and protection specialists with a range of industry experience from 2-20 years