Latest Poll – Future of Risk Advice Businesses

The most likely short to medium-term future for my risk advice practice lies in:
  • Retaining my current personal advice proposition (50%)
  • Selling my book of business (24%)
  • Moving to a general advice-only model (13%)
  • Not sure (6%)
  • Remaining a consultant to my clients while 'outsourcing' the personal advice (5%)
  • Another scenario (1%)

Our latest poll seeks your view on the future of risk advice businesses a year since we last had this conversation with you.

A lot has happened in the subsequent 12 months for risk advisers and we’re keen to check how you’re progressing in your efforts to continue to deliver life insurance advice solutions within a viable business proposition.

Twelve months ago, we were reporting the results from our latest poll suggested many risk focussed advisers were in two minds about their future. Back then, there was a lack of certainty – for good reason – as to what lay around the corner for risk advisers and their businesses.

Here are the results from a year ago:

Significant events taking place since this poll have included:

  • The recent Federal Election result, which delivered a change in government. Some advisers will see this as a significant event for themselves and for the future of their business, while others will not.
  • The emergence of the probable implementation of an Experience Pathway for 10-year advisers of good standing, potentially removing the need for higher degree-level qualifications for those advisers.
  • Another twelve months’ experience ‘adapting’ to working under the 60/20 commission caps/two-year clawback LIF mandates
  • Greater economic instability

For these and other reasons, the fallout from these events has resulted in the apparent decline in risk-only/risk specialist advisers in Australia to around 1,200 – which anecdotal evidence suggests is less than the number of risk-only/risk specialist advisers operating in New Zealand, which serves a population one fifth the size of Australia’s.

Time to put down the pen and hand it over to you. We welcome your votes and your thoughts as the future of risk advice and for risk advice businesses in Australia remains uncertain and unresolved…


  1. It is a difficult thing to decide at the moment, as no-one wants to leave anything if they feel there is a future and some certainty.

    Where it always falls down, is that the people who decide the direction Advisers will take, are the least affected, which is a disaster for everyone except themselves.

    Who are these people, though it is a rhetorical question.

    It is of course Public servants who get paid no matter what the outcome and of course the Legal profession, who charge outrageous fees to come up with solutions that confound even themselves, though no matter, as they can charge more to disseminate the morass that is, a self perpetuating money pit paid for them.

    What Public servants and the Legal Profession do not understand or care about, is the longer the investigation, the more destruction for the Industries they are supposed to be helping, as small Business does not have the luxury of time, waiting and waiting while their revenues drop, costs rise and the risks to them go up and up.

    The only way forward for any Business, is if there is sufficient reason and opportunity.

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