- BT to Merge Distribution Teams
- Asteron Proposes to Bring Life Insurance Businesses Together
- FPA Represents Advisers at Tax Forum
BT to Merge Distribution Teams
BT Financial Group (BTFG) will bring its distribution teams together, as a result of the company’s August restructure (see: BT Restructures Wealth Business).
A spokesperson from BTFG said the Asgard, BT Wrap, Insurance and Corporate Super distribution arms will be consolidated under new General Manager Adviser Distribution, Chris Freeman.
According to BTFG, having one central team will make it easier for advisers to do business with the group, through one main point of contact. “It also allows us to view advisers’ businesses more holistically – to help them grow their business,” the spokesperson said.
The restructure will not impact roles at the business development manager level, but the spokesperson confirmed that the changes have led to some redundant roles at the state manager level and in some support areas.
Asteron Proposes to Bring Life Insurance Businesses Together
Asteron has issued advice to its network that it is proposing to transfer its life insurance business to Suncorp Life & Superannuation Limited (SLSL).
If approved by the Federal Court, the transfer – proposed to be effective from 1 January 2012 – would mean Asteron policies will be administered by SLSL, rather than Asteron.
The company says the move would have no impact on clients, and its insurance product suite would continue to be Asteron branded.
Similarly, there would be no changes to policy terms and conditions as a result of the transition.
FPA Represents Advisers at Tax Forum
Financial Planning Association (FPA) CEO, Mark Rantall, attended the Federal Government’s Tax Forum last week, representing the financial advice industry.
In his address to the forum, Mr Rantall called on the Government to introduce tax deductions for financial advice fees and rebates for low to middle income earners.
He also recommended amending tax and superannuation laws to allow retirement income stream providers to develop more innovative products to counter longevity risk, such as deferred annuities.
Deputy Prime Minister, Wayne Swan, acknowledged this discussion in his closing remarks, saying: “We’re busy implementing important superannuation reforms, increasing the super guarantee, making concessions fairer, and of course MySuper. But Bill Shorten and I also heard the discussion about drawdown phase options like annuities and deferred annuities and we will put more thought into this issue.”
