- Radar Results Update – Drop in Risk Practice Values
- Asteron’s FoFA Lobby Pack
- MLC Online Video Program
- Marc Bineham Wins National Award
- Insurance Sales on the Rise at RI
Radar Results Update Shows Drop in Risk Practice Values
Industry acquisition firm, Radar Results, has released an update to its financial planning recurring revenue multiples, following April’s Future of Financial Advice (FoFA) announcement.
While revenue multiples have remained relatively steady for investment clients, the firm’s results show that the value of risk clients has dropped by approximately 0.5x since September 2010.
According to Radar Results, the current recurring revenue multiple for risk clients (average age under 50 years) is 3x to 3.5x for city/CBD practices, and 2.7x to 3x for regional/country practices.
The revenue multiples are based on actual prices paid for financial planning practices or client registers since May 2011.
Asteron Launches FoFA Lobby Pack
Asteron has launched a ‘lobby pack’ to help advisers educate their local federal MPs on the implications of FoFA.
The pack includes an introduction letter, a document outlining key discussion elements to be raised with the MP, and two leave-behind flyers highlighting the underinsurance problem and the value of financial advice.
In an email to advisers, Executive General Manager, Jordan Hawke, said there was still time for the industry to act.
“The Future of Financial Advice is in our hands. And as an industry, we can unite to shape our own future,” Mr Hawke said.
Advisers can contact their Asteron Sales Manager for a copy of the pack.
MLC Launches Online Video Program
MLC has launched a new online video program called Insurance Perspectives.
The insurer says the monthly videos will be used to share perspectives on key industry issues, business initiatives and ideas.
The first video features an interview with Duncan West, Executive General Manager of MLC Insurance, and can be accessed from MLC’s website.
Marc Bineham Wins National Award
Sydney-based financial adviser, Marc Bineham, has been named Professional Investment Services’ (PIS) Risk Adviser of the Year.
Mr Bineham was chosen from more than 1257 financial advisers in PIS’ Australian network, who were judged on a combination of factors including production, professional standards, ongoing activity, business growth, and advocacy of the group.
Speaking about the award, Mr Bineham said it was a great honour and very unexpected. “Noall & Co. is delighted to be acknowledged for all its hard work,” he said. “It is the appreciation from our clients and the dedication of our staff that really makes us feel proud about what we do.”
Mr Bineham is the NSW/ACT State Director of the Association of Financial Advisers.
Insurance Sales on the Rise at RI
RI Advice Group (RI, formerly RetireInvest) says that its life insurance sales have increased by more than 300% over the past 2 years.
CEO Paul Campbell attributed the growth to the repositioning undertaken by the business in late 2009.
“Organisational changes, including the appointment of Col Fullagar in 2009 to drive RI’s in-house risk capability, has meant advisers are getting more support through the risk process. RI’s risk training program has also been significant with several courses being held including field underwriting, calculating the benefit amount and sales skills,” Mr Campbell explained.
According to RI, risk insurance production from those attending the training courses showed an increase of 62% over the past six months.
