As 2021 approaches its conclusion, former NSW-based adviser, Greg Owen, shares with Riskinfo the reasons he chose to leave his career as a risk-focussed financial adviser after 40 years.
In reflecting on what he refers to as the loss of grey wisdom from the industry – to the detriment of the mums and dads of Australia in particular, Owen articulates the frustrations that may well be held by many risk-focussed advisers of long standing.
While he outlines his views as to how the financial advice and life insurance advice profession has arrived at the point at which many thousands are departing, he also offers his thoughts as to how to remedy what he sees as an almost tragic loss of knowledge, skills and resources from the sector which is presently occurring…
Wise Words Greg. All the best for the future.
It is heartbreaking to see Advisers with so much experience, whose Businesses have provided great service for decades, to be forced to leave the Industry they love through no fault of their own.
Greg is one of thousands who will no longer be there to mentor clients and younger advisers who desperately need all the help they can get.
Greg is 100 per cent right in that our Business costs have risen dramatically, the Regulatory and Education requirements are totally unworkable, especially for Risk Advisers who are forced to spend hundreds of hours studying areas that have NIL bearing on the services they provide and the halving of upfront commissions so each new client is unprofitable, has led the Life Insurance Industry down the path to losses across the board.
The solution is simple, just as the problem was simple, though we all sat back and allowed vested interest groups to take control of the agenda and lobby the Government to feather their own nests, to the detriment of everyone else.
Greg is also correct in that the FPA and the AFA lost sight of what their main purpose should have been, though the AFA are doing a very good job now and a lot of the work they are doing is behind the scenes to remedy the Government and Regulatory maze so in the future we can get back to some common sense.
The best way to make Life Insurance advice a viable Business model, is to reduce the amount of manual / administrative work involved.
If, through improved efficiencies, we can write triple the amount of New Business being written and bring premium increases which exacerbates lapses under control, in conjunction with a simpler Regulatory regime to reduce restrictions, this will set up the Life Insurance Companies and Advice practices on the road back to profitability.
Greg, I hope your future is bright, you can enjoy yourself and still participate in the Industry, as experience cannot be learned from a theory based thesis. Give me your knowledge any time over what we are stuck with now.
True and good words Jeremy, well stated as usual. Happy Christmas and a safe new year to you mate!
Love Greg’s passion. I remember. when I was a young fella, spending time in his presence. He and others like him of that era, had a very clear understanding of the value of pooled risk & the immense benefits it brought to people who ended up on the wrong side of the actuaries work book. That spirit was and still is inspirational. Greg’s words represent wisdom based on decades of running a professional financial services business.
Our profession will continue to develop, but the pace of the evolution needs to be measured.
The current approach has been incredibly short sighted with an ignorant disregard for ones like Greg who led others professionally and who devoted their working lives to protecting their fellow Australians.
Good work Peter and Risk Info for spotlighting Greg’s contribution.
Greg, many thanks for your outstanding example and dedication to serving the needs of your clients and our adviser community. I send you all the very best wishes for the future.
Best interview I’ve seen all year! Yes, it is sad Greg is leaving the industry as he’s representative of the priceless and irreplaceable talent and EXPERIENCE being lost every single day. Every single word of Greg’s in this video resonated with me. If I was the public speaking wordsmith I wished I was (like Greg is) I’d be out and about being interviewed like this methinks. I think I’d get too angry to be worthwhile to anyone though.
Well done Greg and interviewer Peter. I wish you the absolute best for your retirement. Maybe, in our retirement, we will meet up, as mine is this month too!
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