The diagnostic tool will help advisers to identify areas of their businesses that may need attention, and provide them with a plan on how to prepare their practice for the introduction of LIF legislation on 1 January 2018.
In addition to the new tool, AMP have also launched a number of video tutorials led by Elixir Consulting founder Sue Viskovic, addressing topics such as pricing and revenue models, target markets and value propositions.
AMP director of insurance proposition Greg Johnson said the expansion of the LIF resource hub will assist advisers to successfully prepare for the new legislation.
“The enhancements to the LIF hub will provide advisers with further tools and support to help them get across the line in transitioning their business into the new environment,” he said.
There were supposed to be some concessions like simpler SOAs and stuff, but of course that didn’t eventuate. Scaled advice they said, but If ASICs recent draft SOA was anything to go by, clearly they have no intention of making it more efficient for us to provide advice. Revenue squeezed but more intense scrutiny and penalties…..hmmm, sounds like we’re not really wanted in this space.
So can someone tell me..how this will work in any real business sense. Insurance is often sold not bought. We need to convince the client of the merits of life insurance, undertake a fact find, provide and statement of advice and if okay then proceed to application, underwtiting, acceptance without variations with variations or decline the case. All for…lower remuneration, compensated by an increase in fees to the client and where accepted, cross fingers hoping the client will not cancel the policy within 2 years or incur a write back of commission. Can anyone tell me which industry allws the nonsense we now have to tolerate, promoted by those that have never in most instances, sat in front of a client to provide a family with a claim cheque at a time when they are most compromised. These fools now want to provide a solution that will save us after contributing to the destruction of many. Incredible. No credibility.
Don’t forget Alistair that the insurers are on our side and have come out with many “tools” to help us.
For example there are “tools” to help you calculate how much extra business you will need to write to earn the same money.
There are “tools” to help you try and screw over a client with a fee for your “value proposition” where previously the client didn’t have to pay one.
There are “tools” to help you calculate how the impact of these insurers screwing existing customer with price increases and only reducing premiums on new business will effect your business and increase churn that wasn’t there in the first place.
The BDM’s who haven’t got a qualification between them have many “tools” to help you with understanding the new qualification requirements.
Yes there are many “tools” working for the insurers at the moment but please remember they are on your side Alistair.