Some practices are able to function with a relatively small book of wealthy clients.

But for those with a greater focus on protection or reliance on larger books of mass affluent clients, growth is dependent upon scalability – being able to see more clients and make more recommendations.

Technology is key. It is only by embracing more efficient processes that advisers can service more clients, de-risk their businesses and create more embedded value.

So called ‘cash cow’ businesses cannot grow.

In recent years there appears to have been an uptick in protection sales – which is good – but there remain many untouched by the advice sector and who, being unaware of their financial vulnerability, do not buy of their own volition.

Reaching these people is key to increasing financial resilience and financial advisers have their part to play.

Ben Heffer is insight analyst at Defaqto