Adapting to a changing environment

Ed Stuart-Brown, head of protection sales at Friends Provident, recommends advisers find alternative products to sell in these difficult market conditions

Although there’s now light at the end of the recession tunnel, we’re still all feeling its affects. The number of mortgage approvals slumped by 17% during January (This is London, 01/03/10), which has continued to make it more challenging for advisers to sell mortgage-related protection.

I believe one way to thrive right now is to adapt your sales process and diversify by recommending alternative products. If you revisit your existing clients and cross-sell Business Protection, you could overcome current restrictions and capitalise on a market which is not reliant on mortgage sales.

You might disagree with my thinking here, given that many businesses currently need to drastically cut costs. However, there’s actually a strong argument to suggest that Business Protection should be factored in as part of a firm’s essential expenditure.

In today’s volatile environment, management should look to protect their businesses and attempt to minimise any possible risks.

What’s more, Business Protection is likely to become even more relevant in the future. Recent research by Friends Provident has explored how the workplace is expected to change over the coming decade.

The findings show that there’ll be some big differences, which are likely to impact society, your clients’ daily lives and their financial futures.

Fast-forwarding to 2020, the workplace will be likely to contain a powerful group of ‘elite’ workers who will be highly skilled and self-motivated. These workers will be increasingly valued and sought after by most companies. They will become integral to the success of a business.

If this forecast becomes a reality, Keyperson protection will become more relevant than ever before. It will be crucial for management to ensure protection is in place in order to safeguard their businesses against the financial impact of losing an elite worker.

So, there’s no doubt that Business Protection is a relevant product in today’s economic climate, but this research also confirms that it could be the product of the future.

Why not get on the front foot and begin selling Business Protection, before the entire adviser community recognises just how important this product is likely to become?