Kevin Carr: Firms should have a ‘protection arm’

He noted that while there are ethical arguments for offering protection, on purely economic terms it makes sense.

According to Carr “protection advisers don’t sell mortgages and most mortgage advisers don’t sell protection”, as he reckons having a dedicated protection team is most beneficial.

He said: “Firms should offer protection not just for responsibilities to the client, not just because of increased revenue; what is the potential sale value of your business – it’s going to increase in value.”

He explained that commission can build up over time when using protection advisers, especially due to non-indemnity commission.

Carr added: “A lot of companies are hiring people to be a protection arm.

“When selling a company on it adds great value.”