The Association of Financial Advisers (AFA) has announced a national Life Insurance Roadshow (the Roadshow) Facing into transition to be held later this month to explore the challenges and opportunities arising from the Life Insurance Framework (LIF), and to help all advisers providing life insurance advice prepare for the changes ahead.
AFA CEO Brad Fox said the Roadshow is the AFA’s next step towards helping advisers address the LIF and follows the LIF Q&A session held during the AFA’s National Practitioner Roadshows earlier this month.
“Advisers have told us that they need support to adapt to the proposed changes. They want the opportunity to workshop how to most successfully use hybrid commissions, how to help clients accept a separate advice fee, perhaps alongside a commission, and how to deal with the three year clawback danger,” he said.
Kicking off in Hobart on 25 August, the Roadshow will travel to all major capital cities and will feature keynote speaker PJ Byrne, a finalist for the AFA’s Adviser of the Year in 2014. PJ will share his own experiences from his recent transition after nearly 15 years of writing upfront commissions to hybrid commission plus a fee.
“PJ will talk frankly about the effect this move has had on referrals, cash flow, business valuation and conversion rates,” Mr Fox said. “These issues are very relevant for other advisers about to take the same journey. He will go so far as sharing the tools and conversations he has around fees and the value of his advice.”
Risk advice legend Russell Collins will also address how to reduce the risk of the three year clawback. “World renowned for his advice conversations, Russell will outline what advisers can do to retain client loyalty, and how to use the advice process and the right conversations to defend a business against losses from clawbacks in the second and third years.”
Also participating will be Elixir Consulting’s Sue Viskovic and Organisational Psychologist David Peake.
“The workshop event will conclude with an interactive Q&A session with the panel of experts and a senior representative from each of the roadshow partners – AIA, TAL and Zurich – who are all supporting advisers by partnering with the AFA on the roadshow.”
Source: AFA
