Background

This firm is a well-established IFA practice in central London with four advisers. Their core business is pensions and investments, but they also write protection as part of their holistic advice model. Protection had always been a secondary service, something they arranged for existing clients when appropriate rather than actively seeking out. It generated roughly 3,500 pounds per month in recurring and indemnity commission, a useful but modest contribution to the business.

The practice manager recognised that protection was an underexploited revenue stream. The advisers had the qualifications and the knowledge, but they simply didn't have a flow of protection-specific enquiries. Their existing clients were primarily high-net-worth individuals already well covered, and their marketing focused entirely on investment and pension planning.

The Challenge

The firm wanted to grow protection revenue without distracting their investment advisers from their core work. Their specific challenges were:

  • No protection-specific pipeline: Protection cases only arose when an existing investment or pension client needed cover. There was no inbound flow of protection enquiries.
  • Adviser capacity: The four advisers were already busy with investment and pension work. Adding significant protection workload to their schedules wasn't feasible.
  • Different client profile: Their typical investment client was 45-65 with significant assets. Protection leads tend to be younger, often families with mortgages who need life cover. The advisers weren't experienced with this demographic.
  • Brand perception: The firm positioned itself as a premium investment advisory. They were concerned that actively marketing protection services might dilute their brand.

The Solution

Rather than asking the existing advisers to handle protection leads alongside their investment work, we recommended a dedicated approach. The firm hired a newly qualified protection specialist on a basic salary plus commission structure. This individual would handle all protection leads exclusively, allowing the investment advisers to continue their core work undisturbed.

We set up a lead programme consisting of:

  • 20 life insurance leads per week, covering term life and whole-of-life enquiries across London and the Home Counties
  • 10 income protection leads per week, targeting professionals and self-employed consumers
  • All leads exclusive, SMS-verified, and delivered in real time to the new protection specialist's CRM

We worked with the protection specialist during their first two weeks to establish a follow-up process. As a newly qualified adviser, they were enthusiastic but hadn't worked with bought leads before. We provided scripts, objection-handling guidance, and a structured follow-up cadence tailored to the protection market.

One key difference with protection leads versus mortgage leads: protection conversations are typically shorter and the decision cycle is faster. A motivated consumer can go from initial enquiry to policy inception within a week. We adjusted the follow-up intensity accordingly, with more contact attempts in the first 48 hours and a faster transition to long-term nurture for leads that weren't immediately ready.

The Results

The protection specialist took a few weeks to find their rhythm, which is typical for someone new to lead-based business. Early conversations were tentative, and the specialist was spending too long on initial calls trying to provide full advice before booking a proper appointment.

After coaching from both the practice manager and our team, the specialist adopted a more efficient approach: a brief initial call to qualify and build rapport, followed by a scheduled 30-minute consultation for the detailed discussion. This change alone improved their appointment rate from 20% to 38%.

Performance over five months:

  • Month 1: 120 leads, 8 policies incepted, 1,200 in commission
  • Month 2: 120 leads, 14 policies incepted, 2,100 in commission
  • Month 3: 120 leads, 19 policies incepted, 2,850 in commission
  • Month 4: 120 leads, 22 policies incepted, 3,400 in commission
  • Month 5: 120 leads, 25 policies incepted, 3,900 in commission

By month five, the protection channel was generating 3,900 pounds per month in new commission, effectively doubling the firm's total protection revenue from 3,500 to 7,400 pounds per month. The specialist's cost per lead was 19 pounds on average, and with an average initial commission of 155 pounds per policy, the return on lead investment was approximately 8x after accounting for the specialist's salary.

The programme also created cross-sell opportunities. Several protection clients subsequently enquired about investment and pension advice, generating additional business for the investment advisers. This cross-referral hadn't been anticipated but became a welcome bonus.

What Made the Difference

The practice manager highlighted three factors that contributed to the success:

'First, hiring a dedicated person was the right call. If we'd tried to layer protection leads onto our existing advisers' workloads, it wouldn't have worked. They're busy and their heads are in investment planning. Having someone who wakes up every morning focused entirely on protection made all the difference.'

'Second, the lead quality was genuinely good. These were people who had actively enquired about life insurance or income protection. They weren't competition entrants or people who'd ticked a box by mistake. The specialist could have a real conversation from the first call.'

'Third, the learning curve was steep but manageable. By month three, the specialist had developed their own style and was converting consistently. It just took patience and a willingness to invest in someone's development.'

'Protection was always an afterthought for us. Now it's a genuine revenue stream with its own pipeline, its own specialist, and a clear growth trajectory. The leads from Lurvo pay for themselves many times over, and we've added a service that our clients genuinely need.'

- Practice Manager, London IFA Firm

The firm is now exploring adding critical illness leads to the specialist's pipeline and is considering hiring a second protection adviser to handle the growing volume.