The update to the Adviser Service Fee facility also allows advice fees charged to clients to be used at the initial advice stage as well as at the point of renewal.
It can be used alongside any of Asteron Life’s five remuneration options: Upfront, Hybrid, Level, Customised or Wholesale.
“With remuneration changes in the life insurance market expected to come into effect soon, it’s important to be looking at forward thinking ways to provide advisers with choice, flexibility and control when it comes to helping them manage their business and client relationships,” Mark Vilo, Asteron Life head of intermediated advice said.
“We recognise that a move for some to fee for service may take some adjustment, however, we’re continually developing our services in relation to our products so we can offer choice to clients and advisers.”
Adviser fees are agreed between the adviser and the client and, under the Adviser Service Fee facility, with the client’s authorisation their collection and payment can be administered by Asteron Life along with the collection of the insurance premium, the firm said in a statement.
The new Adviser Service Fee facility is now available.
Congratulations Asteron, on the new product feature rolled out to your five options.
Kind regards,
Adrian Totolos.
Business Analyst.
So Mark will the commission rebated be reflected 100% in a reduction in the premium the client pays ? Also will the fee collection process show a report that shows: premium ( including commission ) less premium reduction for commission rebate plus adviser service fee = total ongoing cost so that the client can evaluate whether they are better off ?
Great move by Asteron, I hope all others afford advisers this option in the future as well (particularly some licencees can’t even do it at the moment!).
Ah some thing that I have argued for. Gone now is the argument that commissions are required to make a sale ! So in reality all risk can be commission free.