Protection Guru and the Consumer Duty Alliance are set to host virtual forums every two months, targeted at CDA members.
- These forums will delve into protection advice, aiming to assist wealth firms in strategising for client needs.
- The initiative complements existing sessions by Protection Guru, known for leading tech-driven forums.
- Keith Richards highlights the evolving importance of protection in financial advisory.
- Ian McKenna emphasises the role of technology guidance in these forthcoming forums.
In a significant collaboration, the Consumer Duty Alliance (CDA) and Protection Guru are poised to organise bi-monthly virtual forums open to CDA members. These digital gatherings are specifically designed to demystify protection advice, offering invaluable insights to wealth firms on devising robust strategies tailored to client needs. This initiative aims to fill a growing gap within the financial advisory landscape where protection services have seen a decline in recent years.
These new forums will serve as an extension of the existing Protection Forums and AdviceTech Forums, which are already a staple under Protection Guru’s repertoire. Chaired by Ian McKenna, founder of Protection Guru, these forums promise to uphold the tradition of providing incisive guidance, especially for those firms at the forefront of technological implementation. The emphasis is on broadening the support network to include advisers who might still be developing their tech capabilities.
Keith Richards, CEO of the Consumer Duty Alliance, remarked on the crucial timing of these forums. He cited the Pure Protection review as underscoring the Financial Conduct Authority’s recognition of protection advice as integral to fulfilling Consumer Duty obligations. As wealth firms have shifted their focus predominantly towards retirement planning, the level of protection services offered has concurrently diminished. Richards views these forums as a vehicle to rejuvenate the protection aspect within advisory practices.
Ian McKenna adds that the CDA sessions are crafted to complement existing AdviceTech initiatives, with the goal of assisting firms in embracing technology more effectively. The forums not only target those adept at tech but also cater to those requiring foundational support as they integrate new systems. This approach has reportedly accelerated progress among numerous firms, and McKenna sees a similar path for wealth advisers engaged in protection services.
This collaboration stands as a pivotal step in reinforcing protection advice within the financial sector, especially amidst evolving technological landscapes.
