Asteron Life will allow advisers to add advice fees to premium costs and collect both of them together, as part of an enhancement of its service offering to financial advisers.
The new offering – the Adviser Service Fee facility – will work with all five adviser remuneration options offered by Asteron including Upfront, Hybrid, Level, Customised or Wholesale according to Asteron Life, Head of Intermediated Advice, Mark Vilo.
Under the facility advice fees are agreed between an adviser and client either at the initial advice stage or at the point of renewal and are then automatically collected with any relevant premium owed by the client.
Vilo said the move was a response to the pending changes to adviser remuneration outlined in the Life Insurance Framework legislation.
“With remuneration changes in the life insurance market expected to come into effect soon, it’s important to be looking at forward thinking ways to provide advisers with choice, flexibility and control when it comes to helping them manage their business and client relationships,” Vilo said.
“We recognise that a move for some to fee for service may take some adjustment, however, we’re continually developing our services in relation to our products so we can offer choice to clients and advisers,” Vilo continued.
The facility is currently available for new and existing Asteron Life Complete product clients but not for superannuation clients who have Asteron Life insurance through the Suncorp Master Trust.
Great initiative… now we just need the ability to common renew date our client’s personal insurance policies, in turn providing additional efficiences.
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