Sydney-based brokerage firm Shore Financial has opened a new division as it looks to diversify its offering and provide clients with products and services in the insurance and financial planning space.
Shore Financial Planning and Insurance will be led by Benjamin Pike, who will serve as director of the new division, which aims to provide ‘level insurance premiums’ and adequate cover to the group’s mortgage customers.
“It is a common approach for financial advisers to sell their client’s insurance policies with large upfront commissions, exposing the client to premium shock in later years,” Mr Pike said. “At Shore, we believe in level insurance premiums, which will have the opposite effect.”
The Sydney-based group said its clients have the highest loan balances in the mortgage broking industry, and as such, many of its borrowers have inadequate insurance to pay out their mortgages and cover their family’s commitments in the event of sickness, injury or ill-health.
“We tailor the insurances to the client’s particular requirements,” Mr Pike said. “In most cases the premium associated with these insurances can be paid by their superannuation.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- 15 Aug 2018CFS required no proof for service fees, RC hearsBy Killian Plastow
- 15 Aug 2018AFA reveals Female Excellence in Advice finalistsBy Reporter
- 15 Aug 2018CFS ‘retained’ adviser commissions: RCBy Killian Plastow and Tim Stewart
- 15 Aug 2018Suncorp urged advisers to maintain commissionsBy Jessica Yun
- 15 Aug 2018Hostplus spent $260,000 on tennis ticketsBy Tim Stewart
- view all