F&TRC launches Quality Analyser to compare protection
The tool covers 40 different elements of protection, including conversion options, permanent disability, guaranteed insurability, plan options and critical illness definitions for ABI and non-ABI.
Advisers can create a graphical analysis of products, showing which features scored most strongly.
F&TRC has worked in collaboration with the Personal Finance Society (PFS) and the Chartered Insurance Institute (CII) who have accredited its Quality Analyser for Protection to make available a library of structured CPD.
Advisers can receive notifications on availability of protection training content on a weekly basis, helping them schedule regular activity.
Ian McKenna, managing director of F&TRC, said: “We are delighted to be able to make software that can compare, life, critical illness and income protection products available free of charge to advisers who are members of the Personal Finance Society, Society of Mortgage Professionals and Chartered Insurance Institute.
“Whilst the mortgage market is in full swing there is evidence that the protection market has only partially recovered.
“Providing advisers with tools to compare the quality of products and match them to client needs, together with accredited training content should complement advisers existing capabilities to help them deliver the best possible outcomes to consumers.
Keith Richards, chief executive of the Personal Finance Society and Society of Mortgage Professionals, added: “The need for protection advice has never been greater and both the investment and mortgage advice professions have an opportunity to change historical trends aided by the efficiencies of technology.
“Clients and their dependants must not be left exposed or disserved by ignoring protection and therefore the importance of effective financial planning advice is more paramount than ever and a priority within most clients’ hierarchy of needs.”