Asteron Life has introduced a new customised rate that will allow advisers to adjust commission rates and client premiums throughout the life of the policy.
In what the insurer says is an "industry-first", the new 'no commission' wholesale rate will provide an additional 15 per cent discount for new clients.
"Advisers will now be able to choose from a market-leading customised commission rate, a new hybrid rate, or for those looking to move to a full fee for service model, they can select a new wholesale rate with built in discounts," Asteron Life said in a statement.
Asteron Life's executive manager, Mark Vilo, said the new approach to commissions would help advisers with business planning and enable them to tailor pricing for individual clients.
"Advisers are asking for flexibility, so we have developed a first-to-market customised rate that enables them to adjust commission rates and client premiums throughout the life of the policy," he said.
"They can select a commission of up to 88 per cent in the first year and up to 22 per cent ongoing. Depending on their commission choice, clients may also receive premium discounts of up to 25 per cent."
Mr Vilo said the options give advisers greater choice.
"For those advisers interested in moving to a full fee for service business model, we've released a new wholesale rate with a built in 25 per cent discount and an additional 15 per cent for new clients in the first year," he said.
"We have also aligned our new hybrid rate with the proposed 88/22 now so that advisers transitioning away from upfront commissions can set their business up for 1 July when it will come into effect as part of the new regulation."
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has refer...
FASEA has announced its August exam sessions will only be offered remotely for V...
A major platform provider has made changes to its functionality to make it easie...