Protection is rarely rejected outright. More often, it is misunderstood. Most advisers recognise the value of protection in principle. They understand its role during market stress and acknowledge its importance for clients who cannot afford large drawdowns. Yet in practice, protection is frequently applied too late, removed too early, or framed as a tactical response rather than a structural feature of portfolio design. This is not a failure of intent.
It is a misunderstanding of what protection is meant to do.
