In a statement following the release of Mr Trowbridge’s report, Adviser Ratings spokesperson Christopher Zinn said the reforms proposed by Mr Trowbridge were “balanced, considered and long-overdue”.
“Consumers have known for years that life insurance, though an essential financial service, was seemingly run for the benefit of the industry and advisers through cosy commissions,” Mr Zinn said.
“Capping upfront commissions in a way which ensures we can get transparent access to the [appropriate] kind of policies and advice, satisfying our best interests as consumers, is surely paramount,” he said.
Adviser Ratings also pointed out that it is “ironic” that the sales-driven culture from the early days of life insurance helped the conflicted remuneration business models “evolve”, damaging the wider financial advice sector.
“Life insurance, for reasons the public never understood, was carved out of the Future of Financial Advice (FOFA) reforms,” Mr Zinn said.
“Now is the chance, while FOFA is becalmed politically, to show how industry can reform its own house,” he said.
I challenge the value of Christopher’s comments with experience to be in such a position. Self interest is shining. This thread unfortunately has been heavily moderated
Why do you continue to give Christopher media space when he is only ever pursing his own agenda.
Please tell me when he ever actually gave financial planning or insurance advice to a client. He has never been in our shoes as an adviser so should not be preaching how we need to do our job. What a waste of space.