The Consumer Duty Alliance and Protection Guru have collaborated to conduct bi-monthly virtual forums, catering to CDA members.
- These forums aim to unravel the complexities of protection advice for wealth firms.
- The initiative intends to help members devise optimal strategies tailored to clients’ requirements.
- Protection Guru’s monthly forums will be complemented by these new events.
- Key figures such as Keith Richards and Ian McKenna express support for this forward-thinking initiative.
The alliance between the Consumer Duty Alliance (CDA) and Protection Guru underscores a concerted effort to enhance understanding and implementation of protection advice across wealth firms. By holding bi-monthly virtual forums, these entities aim to address pertinent challenges and opportunities within the sector, providing a platform for members to refine strategies that effectively cater to client needs.
A core objective of these forums is to demystify protection advice, a crucial yet often overlooked component of financial planning. Wealth firms, predominantly focused on retirement strategies, have witnessed a decline in protection business. Through these forums, an opportunity arises to shift focus back to protection as an integral part of the financial advice landscape, aligning with Consumer Duty obligations.
The forums are a strategic expansion of Protection Guru’s existing offerings, which include monthly Protection Forums and AdviceTech Forums. Chaired by Ian McKenna, founder of Protection Guru, the forums aim to provide comprehensive guidance. Keith Richards, CEO of CDA, highlighted the importance of the Pure Protection review by the Financial Conduct Authority (FCA) as a catalyst for integrating protection into advisory services.
These forums are touted to complement the Protection Guru’s standing sessions by offering a novel perspective. While existing forums address firms at the forefront of technology use, the CDA AdviceTech sessions cater to those in earlier stages of tech adoption, thus widening the support network available to wealth advisers.
Ian McKenna, in his remarks, emphasized the significance of these sessions in facilitating the acceleration of technology adoption plans among firms. They reflect a logical and necessary extension of support to wealth firms considering the dynamic changes in consumer protection expectations and responsibilities.
These forums represent a pivotal step toward reinvigorating protection advice within the wealth advisory sector.
