September 1, 2010
Our latest poll results show that most advisers believe they will be forced to charge for their services at claim time if risk commissions are banned.
88% of advisers have answered ‘Yes’ to our question:
If risk commissions are banned, will your practice charge a fee for providing your services at claim time?
Only 7% of those responding to our poll have said they will not charge a fee at claim time if risk commissions are banned, while 6% remain undecided.
A week down the track from releasing our latest poll, we seem no closer to finding out which party will form our next government. As we await the outcome, and the inevitable changes to the way advisers are paid, irrespective of which party takes office, advisers seem to be resigned to the fact that change is coming.
As long as risk commissions remain, anecdotal evidence suggests the vast majority of advisers will not charge their clients for their services at cliam time, but our poll suggests advisers have a realistic view of what they believe must happen if risk commissions are banned:
“… if we’re forced to charge a fee for service, then I guess there would have to be a fee charged to mediate the claim.”
On the other hand, for some advisers, there still exists a moral imperative:
It should be an article of faith for every genuine life risk adviser not to seek to recover costs from claims, no mater how long they go…
In a future where advisers may be forced to charge a service fee at claim time, one adviser has asked who will pay for the sometimes many hours of work that may be generated by errors made by life companies during a claim process?
But the simple message so far seems to be that while most advisers don’t like the thought of having to charge for their services at cliam time, there appears little to no choice in the matter if risk commissions are banned.
Our poll remains open if you have yet to have your say and add your coments…