The Consumer Duty Alliance and Protection Guru will host bi-monthly forums focusing on demystifying protection advice for wealth firms.
- The forums aim to assist members in defining optimal strategies for meeting client protection needs, vital amidst recent regulatory updates.
- These sessions will complement Protection Guru’s existing monthly and AdviceTech forums, enriching the support network for client advisors.
- The initiative responds to the Financial Conduct Authority’s emphasis on protection as a core element of advisory obligations.
- Industry leaders like Keith Richards and Ian McKenna endorse these forums to re-engage wealth firms in protection matters.
The Consumer Duty Alliance (CDA) and Protection Guru have announced a partnership to hold bi-monthly virtual forums. These forums are designed to help wealth firms by providing clarity on protection advice and assisting members in strategising to best meet their clients’ protection needs.
This collaborative effort underscores the importance of protection advice that is more critical than ever, with recent announcements highlighting regulatory obligations under the Financial Conduct Authority. These developments necessitate a renewed focus on protection within advisory practices.
The bi-monthly events are set to enhance the existing monthly Protection Forums and AdviceTech Forums initiated by Protection Guru. Ian McKenna, founder of Protection Guru, will chair these sessions, continuing his role following the success of past forums that supported firms at the forefront of technology adoption.
Keith Richards, CEO of the Consumer Duty Alliance, was vocal about the necessity of this initiative, pointing out a marked decline in protection business due to a previous focus on retirement planning by wealth firms. He acknowledges the positive impact existing forum structures have had, and expresses optimism about extending similar support towards protection advice.
Ian McKenna added his perspective, noting that while the Protection and AdviceTech events have catered to technologically advanced firms, the new CDA AdviceTech sessions are specifically tailored for firms seeking guidance and support in their technological journey, which has proven successful for many companies.
The upcoming forums represent a strategic step towards equipping advisors with essential tools and knowledge to prioritise client protection effectively.
