It’s way past time for the value and importance of life insurance advice to take its place as one of the non-negotiable elements in every financial plan delivered to consumers.
For too long, some advisers have approached with disdain the thought of ‘lowering’ themselves to actually talk about life insurance matters with their clients. This hopefully shrinking group of advisers has always considered itself ‘above selling insurance’.
Elsewhere, other advisers consider the prospect of delivering life insurance solutions as part of their advice proposition to be either too time-consuming and complex because of compliance and regulatory requirements or because it’s not commercially viable at the current commission caps, or both.
Back in the days of agency development loans, tied agents and minimal educational requirements for authorised representatives, there was a lower benchmark for entry into what was not considered a profession.
…the vast majority of all financial advisers …have never needed the introduction of a statute before acting in the best interests of their clients
Lower entry points notwithstanding, the vast majority of all financial advisers, however – risk specialists and financial planners – have always conducted themselves with honour and never needed the introduction of a statute before acting in the best interests of their clients. It’s only ever been a few rotten apples – as exist in every profession – who have consigned the vast majority of advisers to an overly-prescriptive regulatory regime designed with good intent to protect the consumer.
Today, on the other side of the scandals – many of them with their origins to be found in the fallout from the Global Financial Crisis, all financial advice – whether it be life insurance, investment, superannuation or the myriad of associated advice narratives, is subject to much greater regulatory scrutiny which is enforced on the remaining financial advisers in this country who are required to meet much higher minimum education standards and qualifications.
Nobody will ever win an argument against the premise that any sound financial plan should be underpinned by a foundation that protects the assets – the life and the lifestyle – that the client is aspiring to build. Protecting those assets often sees life insurance as the best solution, subject always to the client’s circumstances and to what’s in their best interests.
If you’re not a specialist risk adviser, what do you do when the time comes to talking about protecting the future you’re helping your clients to build? Do you deliver the advice yourself, or direct your client to the ‘Risky’ in your office, or to one of the risk specialists in your dealer group, or perhaps to a trusted external referral associate? As long as they get the advice, based on what’s in their best interests, that’s what matters most.
The Riskinfocus 23 Risk Advice CPD Tour proudly places life insurance, life insurance advice and advice business building at the heart of the presentations that will be delivered to the adviser community in each of the six state capital cities in March.
These presentations – rich in value and in CPD hours – are intended for all financial advisers; not just for risk specialists, and we guarantee that whether you write no life insurance business at the moment, or a little or a lot, you will gain insights that will serve to open new possibilities for you and for your advice business.
The variety of presentations at Riskinfocus 23 will deliver one or more of these outcomes. They will assist you to:
- Tap into new risk market segments
- Broaden your offering to existing clients
- Operate more sustainably in a 60/20 world
- Reduce your business costs
- Increase your business revenue
…And you’ll even be able to network face-to-face again with your colleagues!
If you don’t already, it’s time for all advisers to position the critical importance and value of life insurance at the foundation of every financial plan delivered to Australian consumers, and Riskinfocus 23 will help to give purpose and direction to this fundamental building block on which all financial advice plans and strategies should be created.
