A poll carried out at the RBS IP forum at the Stadium of Light in Sunderland earlier this month revealed that 42% of advisers started doing business in personal protection business, while 17% moved into commercial finance.
Pensions came third with 15% of brokers engaging into this area, while only 10% have started advising on equity release. This was followed by business protection at 9% and investments at 7%.
Lawrence Della Valle, head of specialist products at RBS IP, said it was reassuring that intermediaries recognised the need to look beyond mortgages for the sustainability of their businesses.
He added: “There are many opportunities for brokers. It is not a surprise to see personal protection head the list as the first port of call for diversification, because there are so many links to the sale of a mortgage.”
Michael Brill, director of Baronworth, said he was surprised that more advisers did not choose equity release, pensions and investment, as they were also buoyant and profitable sectors.
