April 30, 2019
ClearView Wealth has undertaken a series of initiatives intended to consolidate support for the retention of life insurance commissions.
Risk Commission Survey
In the shadows of a Federal Election, the insurer has been asking advisers to participate in a brief survey that seeks both information and opinion from advisers regarding their remuneration and the impact on their business of the Banking Royal Commission remuneration recommendations, if implemented.
In a message to advisers this week, ClearView’s Head of Distribution Strategy, Kathryn Williamson, has conceded that the industry has failed to get its ‘value of advice’ message to gain meaningful traction in the mind of the consumer.
Referring to the current debate on the future of risk commissions, Williamson says “…we – as an industry – haven’t done a good enough job of telling others about the value of professional advice and why commissions are a valid form of remuneration.”
In seeking to rectify this collective failure, Williamson is calling on the four thousand advisers who she says do business with the insurer to share with ClearView details about their businesses, their experiences and their concerns. Armed with this information, she says ClearView will then raise these issues with key regulators and policy makers.
Commission Advocacy Meetings
Williamson’s message follows a similar call earlier this month by ClearView’s GM Distribution, Christopher Blaxland-Walker who, in addition to promoting the adviser survey, told advisers the insurer has recently facilitated meetings in Sydney and Melbourne between key Liberal and Labor party advisers and financial advisers/dealer principals: “These forums were a unique opportunity for advisers to talk about the good work they do and for both parties to discuss financial services policy,” said Blaxland-Walker.
These recent initiatives by ClearView follow the public declaration made by its MD, Simon Swanson, at the FSC’s annual Life Insurance Conference in Sydney in March, at which Swanson strongly advocated for the retention of risk commissions (see: ClearView Statement in Support of Commissions).
Click here to link to ClearView’s survey on life insurance commissions.