In a statement, the company, which claims to meet the legal definition of independence, said being able to offer clients “personal insurance that is aligned to their needs” without a commission was an “important, progressive step” for the business.
“The firm now offers personal risk insurance including life, total and permanent disablement, income protection and trauma insurance, and will be able to maintain its independence as clients will pay a fee for service – rather than the typical model of commission-based insurance,” the statement said.
“This ensures clients receive personal insurance that is truly best for their needs.”
Hewison managing director Andrew Hewison said that commissions associated with insurance policies will either be rebated to the client or removed entirely from the policy.
Mr Hewison added that insurance is “important to a financial strategy” and offering insurance brings Hewison Private Wealth closer to a holistic advice offering.
“We’re delighted to be able to offer personal insurance at Hewison Private Wealth, while ensuring our advice remains independent, and most importantly aligned to an individual’s needs and objectives,” Mr Hewison said.
“Those that take out policies under Hewison’s advice will pay an annual fee for service that includes implementation of advice, ongoing reviews with alterations when and if needs change, along with additional facilitation of claims.”
Editor’s Note: A previous version of this article referred to Hewison having “entered the personal insurance market” and “created its own personal insurance range”. The article was an accurate record of a misleading press statement issued on 30 January which said the firm had “launched its own personal insurance offering”. A spokesperson for Hewison Private Wealth subsequently clarified that the firm has not launched an insurance offering but has instead introduced insurance broking/advice into its suite of services. The article has been amended to reflect the clarification.
I would have thought that businesses that are trumpeting their compliance with S923A of the Corporations Act would understand how to announce their new offering to comply with the rules and not be misleading?
Typical grandstanding from elitist financial planning firms that think they are better than everyone else.
Also just an admission that you have not been running a holistic financial planning practice till now.
Hi everyone, the IFA have changed our media release and the heading of this article since this morning. Hewison Private Wealth are NOT creating our own insurance product range. We are simply providing insurance broking to our clients on a fee for service basis.
is it the “best” product, vertical integration notwithstanding?
Bad timing. This is vertically integrated advice with an in house product bias, even if there is no commission paid its still an in house product so they would be profiting as the product manufacturer. Clients are no better off if they went to an institution.