Income protection, cash flow management and portfolio diversification are important areas this emerging segment of client which has the highest household income of any other group wants advice on, a new study shows.
Less than an hour after Labor’s Stephen Jones said insurance commissions were “a problem”, Liberal MP and ex-planner Bert van Manen called them a “perfectly valid form of remuneration”. Despite his endorsement, financial services minister Jane Hume says the government will also wait on the LIF review's findings before making a call on the issue.
The shadow financial services minister reaffirmed his bias against insurance commissions and all but vowed to eliminate anything resembling conflicted remuneration out of the industry if Labor wins the next federal election.
Higher premiums, compliance hurdles and administration are making life difficult for insurance advisers, who are increasingly turning to their provider relationship managers for help to navigate product offerings.
Advice recruiters say the days of paying support staff peanuts are over. For successful, busy advisers who need client service managers that know their way around Xplan and can implement an SoA the going rate is now $80K and up. "Support staff aren't just traditional administrators any more," says Profusion's Kimberley Wenn.
Without institutional support, advisers question whether FASEA’s professional year is really fit for purpose and if tweaks to the way it’s structured are required to fill the industry’s much-needed pipeline for new talent.
Democracy may be alive and well in Joe Biden’s America but there’s no room for democratic principles like equality when it comes to mergers and acquisitions. Success requires a dominant home-base to take control, AZ NGA's Paul Barrett writes.
Confusion around new rules for claims handling – and misleading press coverage – has led many advisers to believe they need to apply for a new AFS licence. Association heads have confirmed Treasury is set to include an exemption for the "vast majority" of advisers.