On Practice

Risk & Insurance

Most advisers to be exempt from new claims handling AFSL rules

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.

Tahn SharpeDecember 1, 2020

On Practice

Tiered offerings: The three-legged stool

While client segmentation is certainly prevalent in advice practices, there is surprisingly little written on how to differentiate tiers of service. And it’s easy to see why, says David Haintz.

David HaintzNovember 6, 2020

On Practice

Ethics uplift touted as key to regulatory reform

On the same day ASIC’s top executives resigned over expenses scandals, a report was released highlighting that an uplift in ethical behaviour could save $45 billion and unravel some of the regulatory knots weighing industries like advice down.

Tahn SharpeOctober 26, 2020

Risk & Insurance

Insurance commissions should go: ALP

Shadow finance minister Stephen Jones said proving that a commission-based model can function without conflicts is an “enormous challenge”. While open to the findings of the 2021 insurance review, he made it clear the ALP has every intention of getting rid of commissions holus-bolus if elected in 2022.

Tahn SharpeOctober 15, 2020

Remuneration

$3,558 per client, per year; the new normal

Research into the advice market suggests a new benchmark for revenue per-client that can be used as a prompt for advisers to check in on their own remuneration. It's also a stark reminder of how increasing costs are affecting advice businesses.

Tahn SharpeOctober 12, 2020

Risk & Insurance

Regulator calls time on generous IP policies, penalties apply

APRA has brought forward its suite of changes designed to save the insurance industry after seeing another $1.4B loss since December 2019. Capital penalties will now apply for income protection policies that don’t meet its new sustainability standards, which could force risk advisers to rethink their approach.

Tahn SharpeOctober 1, 2020

On Practice

The fee evolution: Time to put a real price on your advice

Tying the price of your advice to its value instead of the size of a client's pie is not only ethical but inherently more sustainable, argues David Haintz. While the rest of the world lags behind Australia in adopting fee-based models, the writing is on the wall for a global fee evolution.

David HaintzSeptember 30, 2020

On Practice

Managing the ultimate conflict of interest

Inside every business, the interests of three key stakeholders are continuously at odds. This natural, unavoidable tension is intensified during M&A discussions, Paul Barrett explains.

Paul BarrettSeptember 25, 2020

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