"Across mortgages, protection and retirement, we are seeing advisers have more focused conversations with clients and helping them make decisions with greater confidence."
- Jennifer Rafferty - Iress
Iress’ Q2 Sourcing Data Insights report found that protection applications have remained resilient over the last quarter, supported by a continued focus on higher-quality outcomes from advisers.
Highlights from the report show application volumes have remained resilient and conversion rates hold firm, reinforcing a growing 'quality over quantity' trend across the market.
The data also reinforces the close relationship between mortgage advice and protection, with mortgage activity acting as the strongest trigger for protection conversations. According to the report, mortgages are seeing a period of calm after a steady wave of refinancing activity.
Demand for annuities also remained strong throughout the quarter, with June recording the highest monthly volume on record.
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"What stands out from this quarter isn't necessarily the volume of activity, but the quality of it," Jennifer Rafferty, managing director for sourcing at Iress, said. "Across mortgages, protection and retirement, we are seeing advisers have more focused conversations with clients and helping them make decisions with greater confidence.
"In mortgages, the return of greater market stability has allowed advisers to concentrate on supporting the ongoing refinancing wave. In protection, we continue to see strong application levels, with data suggesting advisers are spending more time on committed client outcomes rather than broad product searches. Meanwhile, continued demand for annuities reflects advisers responding to favourable market conditions and helping clients lock in certainty where it matters most.
"Taken together, the data suggests advice firms are becoming increasingly efficient, using technology and market insight to spend more time with clients and less time on administration. As the market continues to evolve, that ability to combine efficiency with high-quality advice will become an increasingly important differentiator."
