Charging Fees for Risk Advice

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Could your advice practice survive and prosper if you were forced to charge a fee for life insurance advice?
  • No (84%)
  • Yes (9%)
  • Not sure (7%)

The decision by the Accounting Professional and Ethical Standards Board to stick with its plan to ban accountants from receiving life insurance commissions has prompted our latest poll question, which asks:

Could your advice practice survive and prosper if you were forced to charge a fee for life insurance advice?

Under the APES 230 proposal (see APES 230 Decision…), accountants will be banned from receiving risk commissions for their life insurance advice, nor will they be permitted in future to receive any form of ‘conflicted remuneration’ (which will include life insurance commissions) for any client referral business they provide to financial planners.

This decision will have ramifications for many business relationships that currently exist between financial planning and accounting firms and within the accounting firms themselves.

Many advisers will object to the decision by the APES Board to ban risk commissions. Some will support the decision. Irrespective of your position on this issue, this poll is asking you to take a step back and consider a future where you are no longer remunerated by commission for risk advice. Do you believe this future is possible for your business, regardless of whether you support a ban on risk commissions?

Tell us what you think…



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