The roadshows are designed to educate advisers on the need for income protection and the importance of it within the financial planning process.
The first of these roadshows will be on 28th April in Glasgow and 29th April in Edinburgh, and held in conjunction with Scottish Provident and Bright Grey, both owned by the Royal London Group.
These roadshows will enable financial advisers to directly access the experts within the income protection sector, as there will be presentations by advisers, insurers and specialist consultants. Financial advisers will also be given information on the high incidence rate and financial consequences of a long term disability as well as the new Employment Support Allowance. Financial advisers will then be better equipped with the skills and knowledge to increase their sales of income protection to clients.
Jennifer Gilchrist, senior product development manager at Scottish Provident, said: “The importance of finding solutions to protect your income, particularly at this time of economic uncertainty, cannot be overstated. Scottish Provident and Bright Grey are always looking to find new initiatives to help educate IFAs about safeguarding their clients financial futures, and we are delighted to support these roadshows.”
Chris Cummings, director general at AIFA, said: “I am delighted to support the IPTF roadshows as I believe that IP is a valuable but under-utilised part of a holistic financial advice. People look to their IFA to help them navigate potentially stormy financial seas. IP can provide a safe harbour in the midst of personal financial turmoil.”
Nick Cann, chief executive officer at IFP, said: “It is really encouraging to see how all client needs are being properly considered within the financial planning process. It is often reported that advisers for a number of reasons overlook income protection when working with clients. When using cash flow modelling and scenario planning, it becomes easier to integrate all client priorities into a comprehensive plan. These workshops help with aligning protection with client needs.”
Keith Gilmour, marketing director at Positive Solutions, said: “Long term disability more than anything else can destroy all the good work of the financial planner. It is essential that advisers put in place proper insurance to mitigate the loss of income. That is why Positive Solutions is so keen to support this initiative.”
Clive Waller, co-chairman of the Income Protection Task Force, said: “As our industry becomes a profession, advisers will need to ensure that their clients are protected against foreseeable contingencies such as long term illness; they will arguably be negligent if they do not. Moreover, such good advice for the client is also good for the practice as it provides another income stream.”