Riskies broadening advice beyond insurance: poll
An exclusive poll reveals that a majority of risk advisers are broadening their advice offering beyond life insurance following the passing of the Life Insurance Framework.
In Risk Adviser’s latest straw poll, 21 (55.3 per cent) of the 38 respondents surveyed said they were offering advice beyond insurance after LIF was passed through Parliament earlier this year.
Seventeen respondents (44.7 per cent) said they were not broadening their advice beyond life insurance.
ClearView head of strategic advice Allison Dummett told Risk Adviser that some advisers are expanding into the estate planning space.
“Some very good insurance advisers, particularly where the client has a business, will look at things like testamentary trusts or business succession plans with insurance,” Ms Dummett said.
“They have links to an estate plan and so sometimes there’s a path for insurance advisers going down a path where they tell the client, ‘We now need to link that with legal advice’.”
Ms Dummett said that, provided there is a client need, advisers possess the expertise to assist them even though that advice may not be directly related to a financial product.
"They need to help the client formulate a strategy. I think those areas of advice will be growth areas and I think those advisers who are nimble in helping clients on a fee-for-service basis in those areas, I think they will thrive,” she said.
Advice community needs to challenge political thinking
Peter Johnston has told ifa that the advice community needed to stand up to its ...
Advisory backs removal of grandfathered commissions
A major financial advisory firm has backed the removal of grandfathered commissi...
XPLAN leads planning software rankings
XPLAN has taken the top spot in Australian planning software benchmark rankings ...