Protection tops the list of services offered by advisers to clients, new research from the lang cat has revealed.
The firm’s seventh annual State of the Advice Nation report showed 84% of advice firms offer protection in-house.
This was followed by targeted advice according to occupation, offered by just over half of firms. Support with long-term care was found to be the third most offered service (44%), with a further 18% having a trusted referral in place. This means over 60% of firms are working with clients to prepare for a potential care need, reflecting growing concern about access and affordability, the lang cat said.
In contrast, 17% of advice firms are supporting clients with DB transfers and just over one in five (21%) are offering equity release services.
The lang cat said the prominence of protection advice chimes with recent data showing half (51%) of advisers predict a marked increase in demand for income protection and life insurance related products this year.
According to the Association of British Insurers, 247,000 income protection policies were sold in 2023 and nearly all of these were sold with advice.
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