Asteron Life has announced a new enhancement to its service offering, the Adviser Service Fee facility, enabling an automated collection and payment service for advice fees charged to clients which can be used at the initial advice stage as well as at the point of renewal.
“The Adviser Service Fee facility is designed to be used alongside (see note 1) any of our five remuneration options including Upfront, Hybrid, Level, Customised or Wholesale,” said Mark Vilo, Asteron Life Head of Intermediated Advice.
“With remuneration changes in the life insurance market expected to come into effect soon, it’s important to be looking at forward thinking ways to provide advisers with choice, flexibility and control when it comes to helping them manage their business and client relationships.”
Adviser fees are agreed between the adviser and the client and, under the Adviser Service Fee facility, with the client’s authorisation the collection and payment of it can be administered by Asteron Life along with the collection of the insurance premium.
Discussion around remuneration structures for advisers continues to be a key focus and the notion of charging a fee for service has naturally been met with mixed reactions by advisers.
“We recognise that a move for some to fee for service may take some adjustment, however, we’re continually developing our services in relation to our products so we can offer choice to clients and advisers,” Mr Vilo continued.
The new Adviser Service Fee facility is now available (see note 2).
Notes:
1. Subject to any legal or regulatory requirements.
2. Adviser Service Fee facility is now available for new and existing Asteron Life Complete (ALC) product clients, except for superannuation clients who have ALC insurance through the Suncorp Master Trust.
