While the progress of the Future of Financial Advice reform proposals has dominated industry debate this year, we have taken time to consider the top three initiatives reported by riskinfo in 2011.
Each of these initiatives has contributed to enhancing the life insurance and broader financial services industry for advisers and consumers, with two of this year’s three top initiatives having been developed by individual advisers seeking new and better ways to make a difference.
Our top three initiatives for 2011 are:
The Inaugural AFA Female Excellence in Advice Award
The introduction of the AFA Female Excellence in Advice Award has been welcomed across the financial services industry.
The Award is intended to highlight the importance of the role of women in financial advice, and also the importance of being able to deliver financial advice to more female consumers.
The AFA was swamped by nominations for this Award, which generated significant interest, as evidenced by the record number of nominations the AFA received, compared with other key industry awards.
Sponsored by TAL, the Award has been directly responsible for a spike in new female membership applications to the AFA, and it appears it will also be responsible for a surge in new female entrants into the financial advice sector.
Critics have pointed out the Award can be seen as tokenistic to females. But it has successfully highlighted the importance of the need for more female financial advisers in an industry historically dominated by males, and has also become a focal point in encouraging more leadership from females within the sector.
We congratulate Olivia Maragna as the inaugural winner of the 2011 AFA Female Excellence in Advice Award.
Launch of iRisk Advisor
iRisk Advisor is a software package developed as an interactive tool for advisers to use with their clients. It allows discovery, quoting and client engagement opportunities and leads to broader discussion of client needs and wants.
Designed for use on iPad tablet technology, iRisk Advisor is an excellent relationship development opportunity for advisers. It gathers client information and presents it in a way that allows the client to arrive at their own conclusion (where appropriate) about what lump sum and/or income protection insurance solutions are needed, and what levels of cover are required.
Developed by Sydney adviser David Clark, in association with Blueleaf Consulting Principal, Gary O’Sullivan, iRisk Advisor takes the client on an interactive journey that is fresh and new. It allows a new physical dimension within client interviews because of the compact nature of the iPad hardware compared with traditional lap top or desk top computers.
At present, client quotes are populated by Zurich risk products, but there are plans to extend this service to include other product providers. The graphics are clear and easily understood and contribute to a very user-friendly message to the client.
In the words of advisers who have already started using this package, iRisk Advisor is ‘… a terrific engagement tool…’ that is ‘… very smart and simple without over complicating things.’ (See: New Adviser/Client Interactive Tool)
Australian Risk Advisers Discussion Group
Australian Risk Advisers is an online discussion group that focusses on adviser-related issues within the life insurance industry.
Created by passionate risk specialist adviser, Aaron Zelman, this simple idea has tapped into a need for risk advisers to generate their own topics and discuss these issues with fellow advisers around the country.
Without actively promoting this forum, which is accessed via the LinkedIn business network, Australian Risk Advisers has developed a following of almost 300 advisers since its launch in March this year, with this number continuing to grow.
Advisers are able to safely share their views and obtain feedback about a wide variety of issues that impact their advice practice. Recent discussion topics have included:
- Design your Ideal PD Day. Please suggest one topic you would love to have presented at your next PD day.
- Has anyone switched from commission to fee for service in risk advice? Could you please share your experience?
- IPad Apps Does anyone know which insurance co’s have quoting software available for IPad?
- Question for Brisbane based advisers – can you recommend anyone for estate planning? I have clients in Brisbane who need wills etc…
See: Launch of New Life Industry Discussion Forums and visit Australian Risk Advisers.
Other Acknowledgements
In addition to these three top initiatives, riskinfo also congratulates Fiona Navarro and the team at the MLC Risk Specialist Network, and Sue Laing and Peter Wincott from the risk store, for conducting outstanding risk-focused conferences for advisers during 2011.
We also acknowledge the excellent new estate planning tool, The Allocator, developed by Queensland adviser and 2011 AFA Adviser of the Year Finalist, Craig Ball.
This online tool is an insurance and allocated pension calculator, and also acts as a beneficiary allocator. It is positioned as a new vision of family protection and offers a compelling proposition for clients who are guided through The Allocator process.
