November 8, 2017
How many risk product providers do you use on a regular basis in order to serve your clients' best interests?
- 3 providers (38%)
- More than 5 providers (27%)
- 4 providers (15%)
- 5 providers (14%)
- 2 providers (5%)
- 1 provider (1%)
Our latest poll asks you to declare how many different product providers you use on a regular basis.
This question stems from a recent statement made by ASIC Deputy Chair, Peter Kell, in which he expressed some concerns about whether the the range of products on approved product lists is being used to maximum effect in serving the best interests of the consumer (see: APL Product Use Catches ASIC’s Attention).
One of the points made by the ASIC Deputy Chair to the Parliamentary Joint Committee into the Oversight of ASIC related to whether, even if the adviser had access to a broad range of products, they made choices from across the range of those products in a way that would be of benefit to the consumer.
While Kell made no reference to aligned or non-aligned licensee models, his possible implication was that some advisers used a quite narrow sub-set of product providers, even though they may have access to a broader selection.
There are many valid reasons why some advisers elect to restrict the number of their preferred providers and many valid reasons why other advisers prefer to utilise numerous providers on a regular basis. Before we explore this question further, however, we’d like to commence with the more simple question about how many providers you use on a regular basis.
Let us know about why you choose to run with the few or with the many, and we’ll report back next week…