Financial advisers are in favour of a call to reconsider banning risk commissions along advised and non-advised lines, rather than along individual and group insurance lines.
As we release this story, 83% of advisers answered Yes to our latest poll question:
Should the Government reconsider banning risk commissions along the lines of advised and unadvised insurance, rather than individual and group insurance?
The motivation for asking this question stems from a recently-promoted line of debate on the issue of banning commissions. Instead of approaching the question of commissions for super/non super risk advice or individual/group risk advice, consider the question instead from the point of view of whether advice of value has been delivered by a financial adviser.
As we have indicated, a large percentage of our poll respondents agree with this approach. A number of advisers have said the value of their services is paramount at claim time, but if they are not able to access commission for the group insurance advice they deliver, they question how they can continue to provide this service and also ask how these claimants would cope:
Who is going to assist the client at claim time? Who is going to ensure the members know what they have and how valuable it is? Who is going to help them maintain the cover when they leave the employer fund?
If you have a view on this matter and want to share it, please scroll down and add your comments. Our poll will stay open for another week…
