On Practice

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.

$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.