Asset protection, the process of protecting an individual or family’s wealth across generations, both legally and from HMRC, is one of the few growth areas in the financial services sector at present.
The provider of asset protection and estate planning strategies is offering brokers and advisers an entry point into this lucrative market and is providing full sales training and technical support. One of the first companies to sign up is London-based mortgage broker and wealth manager, Coreco Group.
Advisers already implementing the asset protection strategy with their clients are generating average case earnings of around £2,000. Typically, £700 of income is generated from each client’s will and trust requirements, payable within 14 days of the paperwork being submitted. And with just £50 per month of protection premium generating £1,200 commission, a worthwhile additional revenue stream is quickly created.
Daniel Bloomfield, director of The Asset Protection Strategy, said: “The mortgage market is virtually unrecognisable from two years ago. Fewer deals, falling proc fees and smaller case sizes are making it a very difficult environment for brokers, while advisers are also being adversely affected by increased investor caution and the flight to safety.
“As a result, they need to look for new ways to boost revenues. Adding an asset protection service to their businesses instantly provides them with a new reason to talk to their existing clients and a way to start conversations with new clients. And crucially, the vast majority of clients will be in need of, and therefore highly amenable to, these services.”
