Latest Poll – Risk SoAs in 60 Minutes?

Our most recent Adviser Focus article written by The Astute Wheel’s Michael Topper outlined how a short, simple, comprehensive and compliant risk Statement of Advice is achievable in 60 minutes. So, we thought we’d find out where you’re placed on this topic.

Do you already produce risk SoAs in 60 minutes? If so, it’s possible you’re adopting some or all of the recommended steps outlined by Topper in his article (see: Risk Advice in 60 Minutes…). If not, do you think it’s possible, given the current set-up within your own advice process?

The ongoing commercial viability of risk-focussed advice practices in Australia is largely governed by two critical factors:

1. The level of revenue the business has the capacity to generate
2. The cost of delivering the advice solutions which generate the revenue

While risk commissions are presently capped at 60/20 under the Life Insurance Framework reforms, point number 2 above becomes even more important for advisers whose expertise and passion rests in serving the life insurance needs of the community.

It follows then, that if a risk SoA can consistently be completed in 60 minutes, the productivity and efficiency gains may well become a significant factor in the future commercial viability of the advice business, especially if life insurance is the practice’s predominant narrative.

As can often be the case, our poll question can raise more questions and take us to a broader discussion that touches on the many issues which presently impact risk focussed advisers and advice businesses and future that awaits them.

We welcome your thoughts and will report back next week…