BUSINESS PROTECTION SOLUTIONS & SME ENGAGEMENT
Helping more clients protect the business foundations their family life is built on.
The need for Business Protection is there but many SMEs remain under-protected and vulnerable to unexpected and serious events, with no funded plan to protect the business. A significant proportion have never taken advice or don’t understand their options which is creating a real gap, and it presents a real opportunity for advisers.
The discussion will focus on the needs and opportunities this present for our industry to help business be better protected. we will look at the latest findings from the recently launched Scottish Widows - Business protection risk report which provides some in-depth insight into businesses highlight where risk sits in the UK SME market, how businesses operate, where they’re most exposed and where protection is missing.
Too many businesses are one unexpected event away from trading disruption. And too many advisers are closer to helping that than they realise.
Learning objectives
By the end of the session you will
1. Identify the SME protection gap, including assessing why so many businesses leave themselves exposed to risk and what opportunities this presents across our industry
2. Help your clients to identify the risks and so looks for business protection solutions that could help protect their business and keep it trading in the future
panellists
Alan Jenkinson - Business Development Manager, Scottish Widows
Jasmine Astley - Business Development Manager, Scottish Widows
Stuart Halliwell - Stuart Halliwell consulting
Business Protection conversations Made Simple
THE FOUR CONVERSATIONS EVERY BUSINESS OWNER SHOULD HAVE
Many advisers see business protection as complex, technical, and difficult to introduce. Most business protection needs can be uncovered through straightforward conversations about what would happen if a key person died, became seriously ill, or was unable to work.
In this practical 30-minute session, we'll introduce a simple four-quadrant framework that helps advisers’ structure meaningful conversations with business owners. Exploring family, continuation, debts, and succession, advisers can identify potential risks, uncover protection opportunities, and create better outcomes for business clients.
Don't start with the solution. Start with the problem. The protection recommendation becomes much easier once the client tells you what they don't want to happen.
Learning objectives
By the end of the session you will
1. Confidently initiate and structure Business Protection conversations with business owners using a simple four-quadrant approach
2. Identify the key risks that could impact a business, its owners and their families, and recognise when Business Protection solutions may be appropriate.
professional connections and ownership protection
Complementary services from solicitors and financial advisers
Your business clients will look to the professionals for support and guidance when considering the next steps for their business. They will automatically turn to their Solicitors or Accountants, but are you part of this group of trusted advisers to their business?
The discussion will focus on how advisers can work with Solicitors, and the key area of ownership protection. For many businesses they have not considered what would happen to the ownership of their business if one of the owners died, which could lead to a new owner or family member being involved, or even a sale of shares which could all impact on the businesses future.
We will discuss the various legal agreements behind a businesses structure and their interaction with any ownership protection arrangements. Cross option agreements are commonly used but how do they work in practice?
A great opportunity to understand the detail behind the agreements
Learning objectives
By the end of the session you will
1. Understand the roles of the various legal agreements a business may have and how these could interact with each other when putting in place an ownership protection arrangement
2. Identify the ways that financial advisers and solicitors can work together providing a complementary service for corporate clients
panellists
Lee Thomas - Business Protection, Pangea Life
Natasha Jones - Corporate Partner, Blake Morgan
Business protection Impact with IHT planning
Your Business Assets are Protected; have you just created an Inheritance Tax Headache?
Having protected your business assets what are the Inheritance Tax implications? Is Immediate action crucial ? would delaying expose your clients’ assets to unnecessary tax liabilities and jeopardise their long-term plans? The changes to how Pensions will be treated for Inheritance tax purposes from April 2027 coupled with the recent changes to Business relief means that now is the ideal time to review your clients’ arrangements and safeguard their wealth before it’s too late.
In this session we will discuss and demonstrate the impact of the recent changes in relation to IHT exposure and how it could affect a business owner’s estate. We will share ideas and thoughts around segmenting your client bank based on life stage events and needs that many business owning clients will need to consider.
Business Protection and Inheritance tax advice is often provided in silo or delayed and focussed on events happening in the distant future, The aim of this session is to bring into focus the wider protection needs of the here and now.
Learning objectives
By the end of the session you will
1. Understand how the changes to Business, Agricultural relief and Pensions will affect your business owning clients.
2. Demonstrate how these changes have intrinsically connected Business Protection and Inheritance tax planning.
panellists
Robert Betts - Corporate and Estate Planning Protection Specialist, Royal London
Ruth Heather – Corporate and Estate Planning Protection Specialist, Royal London
Karen Leys – Corporate and Estate Planning Protection Specialist - Lead, Royal London