Following a year of transition in Australia’s life insurance industry, we have singled out three very different services that we consider to be the best initiatives in 2013.
Each of these initiatives recognises the fact that the world is changing – either today, or very soon – and have contributed to serving the long-term interests of advisers and their clients. Our top three initiatives in 2013 are:
- AdviserEdge World-First Social Advice Summit
- Zurich Daily Risk Data Feeds
- Guardian Practice Equity Model
AdviserEdge Social Advice Summit
The brainchild of former adviser and social media champion, Baz Gardner, the AdviserEdge Social Advice Summit was presented as a world-first event. Conducted on the Gold Coast in February (and reprised in Melbourne in July), the three-day summit was designed specifically for financial advisers. It explored the many different ways that social media can be used to help advisers serve the interests of their clients and add value to their own businesses.
Key topics covered during the summit included:
- Using social media to grow referrals
- The importance of the adviser’s personal brand
- The importance and value to advice practices of surveying their client base
- Why videos work in an adviser/client relationship
- Website creation and strategies
- The continuing importance of using email as the number one asset for gaining referrals
Over 200 delegates attended the summit, where Mr Gardner thanked them for showing leadership and embracing the ‘new world of advice’; a world that will be inhabited by the inevitable and permanent presence of social media.
In March, Zurich became the first life insurance company in Australia to launch daily automatic risk client data feeds. This service is currently being provided for all advisers who utilise XPLAN software in their business. Daily automatic risk data feeds are seen as an important component in creating a more efficient industry ‘back-office’ system, an issue that has often raised its head as part of the ongoing sustainability debate.
When setting up the automatic data feed system, Zurich opted to employ the most up-to-date technology available in respect of the interface between itself and the adviser. The system delivers a broad range of data and has been set up in a way that will facilitate other software systems in future, once they have addressed various technical requirements.
At the time of the launch of the daily data feeds, Philip Kewin, General Manager – Retail for Zurich’s Life and Investments business, commented: “With recent research revealing an increased focus on efficiency will be the single biggest expected outcome of upcoming FoFA reforms, the timing is perfect for giving advisers direct access to the information they need without double handling of data.”
Guardian Practice Equity Model
In June, risk specialist dealer group, Guardian Advice, announced it had secured the first arrangement under its new practice equity model. This service addresses an ever-increasing issue within Australia’s life insurance sector – that of the exit of Baby Boomer advisers from the industry and the succession plan options available for their businesses.
Under Guardian’s Practice Equity Model, advice business owners are given the opportunity to partner with the dealer on a minority basis to support their transition to retirement, whilst younger advisers receive access to capital and ownership. Under the model, younger advisers can also access:
- Managerial skills and board-level support
- Mentoring to help them run a professional multi-adviser practice
- Office and administration support for a one-person advice businesses
- Economies of scale designed to build a profitable practice into the future
Head of Guardian Advice, Simon Harris, said his firm’s Practice Equity Model had been established in response to the ageing adviser population, and would enable the next wave of advisers who take part ownership of these businesses to build their wealth and eventually take full ownership of an established practice.
Our congratulations again to Baz Gardner and his AdviserEdge team, to Zurich and to Guardian Advice for their excellent initiatives.
As we turn our gaze towards 2014, we look forward to a raft of new initiatives from the life insurance and broader financial services community, and we’re also very keen to see how two recently announced, but yet-to-be implemented initiatives, will unfold:
- AIA Australia’s Vitality client engagement program
- The Association of Financial Adviser’s ‘Your Best Interests‘ television media campaign
