- CommInsure Enhances Annuities;
- New Advice Payment Solution Launched;
- TWUSUPER Partners with Infocus
CommInsure Enhances Annuities
CommInsure has announced a number of enhancements to its annuities offering, in anticipation of significant growth in the sector.
The insurer has reduced the minimum investment amount for CommInsure annuities from $20,000 to $10,000. It has also introduced a new online application form for advisers to complete through its online quoting tool, CALQ.
There is a new reinvestment option for clients, and CommInsure says it is offering competitive rates across its full range of annuities, including short term, long term and lifetime income products.
“We see significant opportunities for Australia’s annuities market, particularly as retirees are living longer and demand for guaranteed retirement income products is growing,” said George Lytas, CommInsure’s Head of Annuities.
“Allocated pensions perform well for many retirees, however as they live longer, their allocated pension balance may not last the distance. Recent research shows that a combination of an allocated pension and a lifetime or deferred annuity can often provide superior outcomes to an allocated pension alone.
“We believe annuities can act as the ideal form of insurance in retirement, guaranteeing that no matter how your other investments have performed, or how quickly you have used up your retirement savings, you still have a guaranteed income to support you,” Mr Lytas said.
New Advice Payment Solution Launched
The team behind AdviserLogic has launched a new revenue management platform designed to help licensees and advisers take control of their fee and commission data.
OnPay is a cloud-based platform which can be customised to meet the needs of both large and boutique licensee structures. It enables licensees and advisers to quickly and efficiently process fee and revenue data, generate reports and metrics, and distribute income regularly. It also allows users to consolidate fee data from insurers, managed funds, platforms and loan products, and systemises the process of determining where fees are to be paid to enable all parties to navigate it at the one location and ensure accuracy of data.
“The increasing burden on licensees and advisers, in terms of fee disclosure requirements and potential new regulatory requirements, means OnPay will become increasingly more important to the sustainability of licensee and advice businesses,” said OnPay Product Manager, Gundeep Sidhu.
“With requirements looming around continuous disclosure fees and revenue, we believe having cloud-based, easy-to-use and reliable software to manage payouts will become essential.”
TWUSUPER Partners with Infocus
Industry super fund, TWUSUPER, has announced it has formed an advice partnership with Infocus Wealth Management.
Infocus will provide financial advice services to members of TWUSUPER, commencing with members in Western Australia. The partnership is part of a broader initiative championed by superannuation financial services provider, Industry Fund Services, and follows a similar arrangement announced earlier this year in which Infocus will provide financial advice to First Super members in South Australia.
“It is our intention to work closely with TWUSUPER to ensure the success of this initiative in advance of a broader national rollout. We have highly skilled, highly personable advisers on the ground in Western Australia and right across the country and we’re confident we will be able provide exceptional service to TWUSUPER’s members accordingly,” said Infocus Managing Director, Rod Bristow.
“As an independently owned wealth management group, we understand and respect the commercial concerns of industry funds. It has been from this foundation that we have progressed with a transparent and accountable process that has given both Industry Fund Services and TWUSUPER the confidence to move forward with us. It’s a great initiative for TWUSUPER members and importantly, also a great outcome for advisers who are part of the Infocus group.”
