***Updated***Boutique advice firm Hewison Private Wealth has launched an insurance advice offering, but will rebate commissions in compliance with S923A of the Corporations Act.
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.
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