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25.01.2022 Zurich Life & Investments has announced several key appointments in its operational team, to support both the Zurich and OnePath life insurance brands and to provide a consistently high-quality experience for financial advisers and customers. Tina Beilby is appointed to the newly created role of Head of Operations, Integration...https://buff.ly/3j8Ppjc #Riskinfo #RiskinfoNews #staffappointments #financialservices

25.01.2022 Login to Riskinfo Learning and pick up your CPD points for our latest article... Paying Fees for Risk Advice - Why would a client pay for insurance advice >>>https://buff.ly/2GD05Zp Register and take the quiz, the points are all yours! #Riskinfo #RIskinfoLearning #professionaldevelopment #CPD Elixir Consulting

25.01.2022 Most Advisers Reject New Trowbridge Model Two thirds of advisers think the revised risk commission model proposed by actuary John Trowbridge would not sustain a viable advice practice. Thanks to the many advisers who took the time to add their comments on this issue, a summary of the recurring key themes, observations and messages arising from this debate. Find out what the poll results are here >>>https://buff.ly/30Lsynu #Riskinfo #RiskinfoNews #lifeinsurance #commission #remuneration

24.01.2022 NEW RESEARCH suggests that while new life risk policies with front loaded discounts can increase affordability in first-year premiums, they can be more costly to consumers over the medium-to-long term, especially for life, TPD and trauma. PPS Mutual chief executive Michael Pillemer says in a statement that the findings of the report confirm his belief that front loaded discounts represent poor consumer practices that should be fixed by the retail life risk insurance sector in Australia. >>> https://buff.ly/3haEmp5 #Riskinfo #RiskinfoNZ #lifeinsurance #riskinsurance #financialservices PPS Mutual

24.01.2022 FSC Responds to Worker Rehabilitation Warning Life insurers want to accelerate the speed at which someone on an IP claim can get back to work and that is not something the industry should apologise for, according the FSCs Senior Policy Manager for Life Insurance, Nick Kirwan. Kirwan told Riskinfo that in one respect what the law firm is saying is right. They are saying this is a way to reduce claims costs and in a way it is. And that is a good thing. >>>https://buff.ly/31P6uIa #Riskinfo #Riskinfo #LifeInsurance #FinancialServicesCouncil Financial Services Council

24.01.2022 Is it a realistic expectation that a risk-focused advice practice should be able to develop a sustainable business model based on a combination of advice fees and commissions? Yes or no? Take our poll and have your say https://buff.ly/337BzYc #Riskinfo #RiskinfoNews #lifeinsurance #commissions #fees #financialadvice

23.01.2022 Melbourne Health Screen Services Continue New industry player, EQ Pathology, has confirmed it will continue to offer advisers its medical health screen services within the Melbourne area as the citys Stage 4 Covid-19 lockdown restrictions continue. EQ Pathology CEO, Stephen Clarkson, has received advice confirming that his firm is able to continue providing medical screening for life insurance applicants, on the assumption its nursing and all other client contact team members observe strict Covid-19 safety protocols. >>>https://buff.ly/2QbpOcV #Riskinfo #RiskinfoNews #lifeinsurance #medicalscreening #COVID19

22.01.2022 ClearView Wealth and reinsurer Munich Re have announced ClearView will be adopting a cloud-based digital underwriting system for the insurer’s Australian operations. ClearView’s Deborah Lowe, says the cloud-based system will help her firm manage risk and compliance while providing a platform that will enable it to grow bringing state-of-the-art technology to fundamentally transform the way insurance is bought in Australia. >>> https://buff.ly/3fzKYgL #RIskinfo #underwriting #financialadvice #financialadvisers #digitalsystem

21.01.2022 Its time to tap into another Riskinfo Learning article for your free CPD... Check out these two practice marketing articles written by Rachel Staggs which explore how to improve your visibility to prospective clients and proven methods for attracting your ideal client through your referral partnershttps://buff.ly/34ZbAog Register and receive your CPD by answering a few questions. #Riskinfo #RiskinfoLearning #professionaldevelopement #marketing #AFAau

21.01.2022 In our latest Adviser Focus, Chris Unwin shares the wisdom he has absorbed during his time as a highly successful risk-focussed adviser to outline his proven recipe for success when it comes to engaging with the prospective client around the critical issue of premium affordability. Chriss approach can open doors that some advisers may never have considered walking through until now when it comes to positioning the cost of life insurance...https://buff.ly/35oMxeu #AdviserFocus #Riskinfo #LifeInsurance #financialadvice

21.01.2022 New Estate Planning Service for Advisers The Legal Hub has launched a new service which allows advisers to outsource their clients’ estate planning needs. The new service, called Legal Concierge, offers advisers’ clients quality advice at reduced fees from the member firms of The Legal Hub, but without the adviser having to facilitate the client through the estate planning process. Legal Hub Director Brant Dillon says estate planning provides advisers with the opportunity to ...ensure their client’s entire wealth plan is protected but not every adviser has the time and resources to deliver this service to all clients. Full details here >>> https://buff.ly/3nyktez #Riskinfo #RiskinfoNews #financialadvisers #estateplanning

21.01.2022 6 of Australias largest banking and financial services institutions have paid, or offered, a total of $1.05 billion in compensation, as at 30 June 2020, to customers who suffered loss or detriment because of fees for no service (FFNS) misconduct or non-compliant advice, states ASIC. Compensation for Financial Advice Related Misconduct Tops $1 Billion ASIC >>>https://buff.ly/34wjIMD #Riskinfo #RiskinfoNews #ASIC #misconduct #financialservices

20.01.2022 Are you ok to advise your clients to consider taking out a new life insurance policy offering a front-loaded premium discount? Our latest poll found that while 58 percent were not happy to do so, a total of 40 percent would be happy to advise their clients to do so, with 28 percent agreeing that it depends and another 12 percent saying yes they were happy to do so. Just two percent werent sure. Have your say in our latest poll here - https://buff.ly/34Tht6t #Riskinfo #RiskinfoNews #lifeinsurance #premiums

19.01.2022 OnePath Life has confirmed premium increases... For existing policyholders with IP and TPD cover, effective from this month. This confirmation of rates increases follows OnePaths announcement in July of pricing changes for new IP customers. Full details here >>>https://buff.ly/2FKv84Y #Riskinfo #RiskinfoNews #premiums #insurance #OnePath

18.01.2022 Riskinfo Learning...Supporting Financial Advisers! Free access just register your details & click through to read our range of articles. Complete the quiz to secure your CPD points. All articles assessed & approved by the Association of Financial Advisers. New articles being added all the time. See our latest article here >>>https://buff.ly/3hyuOoc... #RiskinfoLearning #Riskinfo #professionaldevelopment #AFAau

18.01.2022 OnePath Medical Underwriting Enhancements OnePath Life has outlined enhancements it is making to its medical underwriting limit requirements. These enhancements have been made following the completion of a recent review and will be incorporated within OnePath Lifes September 19, 2020, release. >>>https://buff.ly/2FslBjA #Riskinfo #RiskinfoNews #underwriting

18.01.2022 In Adviser Focus this week: The Reality of the Decline in Life Risk Sales A Case Study. Australian Advice Network CEO, Paul Forbes, takes aim at the product manufacturers and ASIC in this article, as he sheds some light on key issues that are having an impact on the ability of advisers and advice businesses to efficiently write new life insurance business. His message to the FSC and to all life companies is that they need to look to themselves and to reflect on their own processes and procedures when reflecting on why adviser numbers and risk new business sales are both in declinehttps://buff.ly/2XXCZmj #AdviserFocus #Riskinfo #lifeinsurance #financialadvice

17.01.2022 Riskinfo Learning...Free CPD Points Service for Advisers Register your details and click through to read our range of articles to secure your CPD points. Check out our latest article here >>>https://buff.ly/3gxXXP0 #Riskinfo #RiskinfoLearning #education #professionaldevelopment #AFAau

15.01.2022 ****Pandemic Boost to Life Risk Sales**** The pandemic has seen a spike in life risk sales for the June 2020 quarter, according to data from DEXX&Rs Life Analysis Report for the year ending June 2020. A statement from the research group says that Individual Lump Sum and Disability Income new business increased by 10.4 percent and 22.6 percent respectively over the June 2020 quarter. >>>https://buff.ly/2RvAnbK... #Riskinfo #RiskinfoNews #LifeInsurance #Pandemic #financialadvice

15.01.2022 Risks in Moving Away From Commission System NZ Moving from a commission structure for financial advisers to a user-pays model could significantly reduce access to insurance advice for customers, says an independent report on New Zealands life insurance sector. Authors of the Deloitte report also say...https://buff.ly/2ZgmamX #Riskinfo #RIskinfoNews #lifeinsurance #commission #remuneration #newzealand... Riskinfonznews See more

14.01.2022 AMP Australia CEO Resigns Alex Wade, CEO of AMP Australia, will step down from his role, effective immediately. A short statement from the company says that Blair Vernon, CEO of New Zealand Wealth Management (NZWM), has been appointed Acting CEO of AMP Australia while a process is conducted to find a permanent replacement. More details here >>>https://buff.ly/3gPp3lE #Riskinfo #RiskinfoNews #AMP #financialadvice

13.01.2022 Making Compliance Work For You: The Elements of Valuable Life Insurance Our latest CPD quiz explores some of the fundamentals around the provision of life insurance advice from the perspective of working within the regulatory guidelines required of advisers. Click through now to read and access our latest articlehttps://buff.ly/3nFrxpE #Riskinfo #RiskinfoLearning #CPD #professionaldevelopment #compliance

12.01.2022 AFA Escalates Concerns on Excessive ASIC Funding Levy Increase In a statement to its members AFA said that in July it made a submission to ASIC on the 2019/20 ASIC Funding Levy, recommending that in the context of the COVID crisis, the Government waive the ASIC Funding Levy for the 2019/20 year which would normally be invoiced in January 2021. >>>https://buff.ly/3lFgNay #Riskinfo #RiskinfoNews #financialadvisers #ASIC #AFAau AFA Association of Financial Advisers

12.01.2022 ****Adviser Contraction Rate Accelerates Report**** The contraction rate in advisers departing the sector accelerated during the last quarter, amplified by several significant corporate actions, according to Adviser Ratings Adviser Musical Chairs Report. >>>https://buff.ly/3gb8yis By the end of Q2 2020, the adviser population had reduced to 21,631 representing a net decline of 1,198 advisers (5.2 percent) from Q1 2020. #Riskinfo #RiskinfoNews #financialadvisers #AdviserRatings Adviser Ratings

11.01.2022 The pandemic impact on retail individual risk products is expected to be minimal, according to the latest Market Projections Report released by research firm DEXX&R. Over the next three years higher levels of discontinuances are expected as the result of higher levels of unemployment, says the report. More details here >>>https://buff.ly/3gb2h6x #Riskinfo #RiskinfoNews #financialadvice #riskproducts

11.01.2022 MDRT The Scheduling Solution According to Gina Pellegrini, Pellegrini Team Consulting, who focuses on training individuals to become rock-star schedulers. She was speaking during the recent MDRT Global Conference Virtual Event themed around Navigating Through Uncertain Times. Some advisers will think the scheduler will not be as effective as they are themselveshttps://buff.ly/2POj6tr #Riskinfo #MDRT #MDRTAustralia #financialadvice #financialadvisers Million Dollar Round Table MDRT Australia & NZ (Oceania)

10.01.2022 ASIC Commences Civil Penalty Proceedings Against Dixon Advisory A statement from the commission says it alleges that Dixon Advisory representatives failed to act in their clients best interests and to provide advice that was appropriate to the clients circumstances.>>>https://buff.ly/3m3o1We #Riskinfo #RiskinfoNews #ASIC #compliance

09.01.2022 Orphan Clients Billions of Advised Wealth in Transition Some $79 billion of estimated advised wealth was in transition due to advisers exiting the industry and potentially orphaning their clients, says Adviser Ratings in its latest Adviser Musical Chairs Report. smart businesses are benevolently transitioning their clients away from full servicehttps://buff.ly/32tYaxJ #Riskinfo #RiskinfoNews #financialadvice #AdviserRatings

09.01.2022 Industry’s Future Hinges on Thriving Advice Profession ClearView Wealth MD, Simon Swanson, has told the House of Representatives Standing Committee on Economics that the life insurance industry’s long-term future hinges on a thriving advice profession...https://buff.ly/2SBqwVT #Riskinfo #RiskinfoNews #lifeinsurance #ClearView #government

07.01.2022 In our latest Adviser Focus... Integrity Lifes Chief Underwriter, Scott Hodgson known to many advisers in the sector considers the nature of underinsurance in Australia and shares his thoughts about life insurance advisers and the role they play in our community. Scott paints a picture of how risk advisers were regarded in decades past and looks back on his own familys relationship with their local AMP agent in the 1960s. >>>https://buff.ly/2EKqXpG... #AdviserFocus #Riskinfo #financialadvice #financialadvisers #lifeinsurance IntegrityLife

07.01.2022 Top Marketing Tips for Advice Businesses This weeks CPD read shares top marketing tips for advice businesses around staying relevant and gaining ideal client referrals. Click through now to access this weeks FREE CPD Points readhttps://buff.ly/2FRYezt #Riskinfo #RiskinfoLearning #CPD #professionaldevelopment #marketing #financialadvice

06.01.2022 Underinsurance Gap Widens Report The underinsurance gap in Australia is widening, concludes a new report released by Rice Warner. in light of the current insurance landscape, and the greater clarity that PYS and PMIF have introduced, our research shows that the underinsurance gap has widened since our last research in 2017. >>> https://buff.ly/3m7iTQh #RIskinfo #RiskinfoNews #underinsurance #financialadvice #financialadvisers

05.01.2022 Super Trustees Compensate Those Wrongly Classified as Smokers Seven superannuation businesses that were classifying new members as smokers by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid, according to ASIC. They are AMP, Colonial First State, Equity Trustees, IOOF (including OnePath), Intrust, Netwealth, and Suncorp. >>>https://buff.ly/2PTu2WI #Riskinfo #RiskinfoNews #lifeinsurance #premiums #financialadvice

05.01.2022 Underinsurance in Australia An Advisers Perspective Renowned risk specialist, Russell Collins, provides his own perspective on Australias underinsurance dilemma. Responding to Riskinfos Peter Sobels, in relation to a poll addressing underinsurance, Russell takes a step back to reflect on the nature of an unresolved issue that has been present in our community for decades prior to the implementation of recent regulatory mandates such as the LIF and FASEA reforms. Check ou...t our latest Adviser Focus here >>>https://buff.ly/2XAPkMK #AdviserFocus #Riskinfo #underinsurance #financialadvice

03.01.2022 What Price for Insurance Advice? In our latest Adviser Focus, Elixir Consultings Graham Burnard sets out his rationale in this article which supports his argument that fees for life insurance advice can be a viable option for advice businesses, particularly when used to supplement life insurance commissions. Grahams perspective is informed by the data collected by Elixir Consulting in the five editions of its Adviser Pricing Models Research Report, the most recent of which ...has just been released. While many will disagree with Grahams argument, we thank him for the opportunity to present his case and we welcome your comments in responsehttps://buff.ly/2ZlVUIf Elixir Consulting #AdviserFocus #Riskinfo #lifeinsurance #commissions #fees #research

03.01.2022 ****BREAKING NEWS**** Sam Henderson pleads guilty to dishonesty, disclosure charges. ASIC has announced the former Sydney financial adviser has pled guilty to one rolled up charge of dishonest conduct, and two counts of making a disclosure document available to a person knowing it to be defective, both of which are offences under the Corporations Act.>>>https://buff.ly/31qDI1m #Riskinfo #RiskinfoNews #financialadviser #ASIC

02.01.2022 The Case for Retaining Commissions Continued The release earlier this week of a report written by NSW risk specialist adviser, Brett Wright, arguing the case for retaining life insurance commissions, has garnered strong support from many corners of Australia’s life insurance industry. These comments represent a cross-section of the industry which includes life company CEOs, licensee chiefs, other industry stakeholders and your adviser peers. Your own comments are also welcom...e as we continue the debate about the future of life insurance commissions in Australia Click through to our latest Adviser Focus where we consider a selection of the views offered in response to Brett’s paper. https://buff.ly/2IRlijT #Riskinfo #AdviserFocus #lifeinsurance #commissions

02.01.2022 Are You at Risk if You Don’t Regularly Review Your Clients’ Life Insurance? In our latest issue of Adviser Focus, the Astute Wheel’s Hans Egger reflects on when and how often advisers need to review their clients’ life insurance needs especially when their circumstances haven’t changed to any significant degree and how to manage the process as efficiently as possiblehttps://buff.ly/3hli4Cx #AdviserFocus #Riskinfo #financialadvisers #lifeinsurance

01.01.2022 Will Life Insurance Advice Disappear? Sydney adviser, Guy Mankey, documents in this article the frustration he feels after a 40-year career as specialist risk adviser and business owner. Guy offers an honest assessment of the state of his practice as he outlines the key reasons why he is questioning whether he wants to continue writing new life insurance businesshttps://buff.ly/3j5Nf45 #AdviserFocus #Riskinfo #financialadvice #lifeinsurance MDRT Australia & NZ (Oceania)

01.01.2022 Use Tax Breaks to Address Underinsurance Poll Results The future tax deductibility of financial advice and of all life insurance premiums are two initiatives that have been well-supported by advisers in addressing potential solutions to Australias underinsurance crisis. 31 percent of those voting in our latest poll support tax deductibility of financial advice as the most critical initiative they would implement to address the underinsurance issue if they were in charge, while 15 percent said tax deductibility for all life insurance premiums was their preferred top choice. More results here >>>https://buff.ly/2Xoy25F #Riskinfo #RiskinfoNews #Tax #Underinsurance

01.01.2022 Fees For Risk Advice an Emerging Reality More advisers are building fees into their risk-only advice proposition to either replace or supplement life insurance commissions. This is one of the major findings stemming from the fifth edition of Elixir Consultings Adviser Pricing Models Research Report, which was released this week. >>>https://buff.ly/3gNCyS8 Elixir Consultings Graham Burnard, reports 52 percent of advisers surveyed said they operate on a commission-only model and never charge a fee for insurance-only advice: However, this means 48% of the participating advisers do charge fees of some sort, notes Burnard. #Riskinfo #RiskinfoNews #lifeinsurance #commission #fees #pricingmodel #research Elixir Consulting

01.01.2022 FASEA is inviting feedback on draft amendments to an education legislative instrument to facilitate incorporating its 2020 approvals of degrees and courses and recognition of advisers prior learning into the instrument. It says that to facilitate incorporation of these approvals into the legislative instrument, it has now released for consultation draft amendments to the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2020.>>>https://buff.ly/2ZjRD7Y #Riskinfo #RiskinfoNews #FASEA #education #professionalstandards