The Right Mortgage & Protection Network has launched a new shortfall needs analysis calculator to aid advisers in their protection discussions.
The new tool is designed to assist during client discussions about their committed and discretionary expenditures.
This tool enhances advisers’ ability to identify any potential financial shortfall in a client’s lifestyle resulting from a loss of income, as well as the possible impact on their long-term financial objectives.
The tool is designed to support adviser/client conversations and demonstrate adherence to Consumer Duty responsibilities, particularly in helping to ’avoid foreseeable harm’.
Keith White, regulatory trainer at The Right Mortgage & Protection Network, said: “The shortfall needs analysis calculator gives advisers a clearer and faster way to understand a client’s potential financial shortfall, and what element of protection they may require based on a detailed analysis of both committed and discretionary expenditure.
“It removes much of the complexity and time pressure involved in assessing client’s income levels and how this might translate into a potential shortfall and how this might require a specific protection solution such as income protection.
“This calculator will help advisers move more efficiently toward identifying protection needs and also gives a useful visual aid to help when presenting these potential options to clients. This is a positive step forward in filling the growing ‘protection gap’ and ensuring clients are adequately covered should they lose their job, get sick or their income drops for any reason.”
