Poll Results – Risk SoAs in 60 Minutes?

Can you produce and deliver a risk Statement of Advice in 60 minutes?
  • No (86%)
  • Yes (11%)
  • Not sure (4%)

While some advisers say they can, most advisers have indicated they cannot produce and deliver a risk SoA in 60 minutes.

This appears to be the clear message stemming from our latest poll, where a significant 84% voted in the negative.

As we reported last week, this question is based around our recent Adviser Focus report from The Astute Wheel’s Michael Topper, where he sets out a framework under which a short, simple, comprehensive and compliant risk SoA is indeed achievable in 60 minutes (see: Risk Advice in 60 Minutes…).

The pathway …lies in embracing and leveraging technology within the advice process

The pathway, according to Topper, lies in embracing and leveraging technology within the advice process, thereby rendering possible the 60-minute risk SoA. He says that to stay in business, “…risk advisers are going to have to find a way to …rethink traditional paper-based processes that are both time-consuming and inflexible.”

Is this you? To what extent do you continue to utilise what Topper refers to as ‘traditional paper-based processes’? If you did incorporate available technology into your advice process, do you think a 60-minute risk SoA is possible?

We’ll leave it to you from here. As we noted last week, 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.

We welcome your thoughts as our poll remains open for another week…