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
- 15 Feb 2019ASIC to undertake harsher penalties against banksBy Eliot Hastie
- 15 Feb 2019Court restrains unlicensed firm from operatingBy Adrian Flores
- 15 Feb 2019ASIC used Dover whistleblowing to shut licensee downBy Adrian Flores
- 15 Feb 2019Minimal time spent on client engagement, survey findsBy Adrian Flores
- 15 Feb 2019Advice regtech aims to ease CPD burden under FASEABy Adrian Flores
- 14 Feb 2019AMP adviser network declined 4.6% in 2018By Adrian Flores
- view all