An industry-first customised rate gives advisers a simple solution to select and adjust commission rates and client premiums
A new ‘no commission’ wholesale rate with an additional 15 per cent discount for new clients
Asteron Life has announced a range of new commission options which can be applied from today*, giving advisers greater flexibility and control over their business in preparation for a new era in financial advice.
Advisers will now be able to choose from a market-leading customised commission rate, a new hybrid rate, or for those looking to move to a full fee for service model, they can select a new wholesale rate with built in discounts.
Asteron Life Executive Manager, Mark Vilo, said the new approach to commissions would help advisers with business planning and enable them to tailor pricing for individual clients.
“Advisers are asking for flexibility, so we have developed a first-to-market customised rate that enables them to adjust commission rates and client premiums throughout the life of the policy.
“They can select a commission of up to 88 per cent in the first year and up to 22 per cent ongoing. Depending on their commission choice, clients may also receive premium discounts of up to 25 per cent.
“This is another way we are supporting advisers to help manage their client relationships in a year that will see significant change for the industry.”
Mr Vilo added that further options including a new ‘no commission’ wholesale rate and the early adoption of the 88 per cent year one and 22 per cent ongoing hybrid rate** provides greater choice for advisers.
“For those advisers interested in moving to a full fee for service business model, we’ve released a new wholesale rate with a built in 25 per cent discount and an additional 15 per cent for new clients in the first year.
“We have also aligned our new hybrid rate with the proposed 88/22 now so that advisers transitioning away from upfront commissions can set their business up for 1 July when it will come into effect as part of the new regulation,” Mr Vilo said.
