There was huge reader interest this week in LifeBid founder, Brett Wright’s Open Letter to the industry outlining the progress of the technology platform and confirming that over 2,000 advisers have registered their interest…
LifeBid founder, Brett Wright, has published an Open Letter in which he provides an update on the status of the LifeBid technology platform and project, as his team and working group progress towards launch.
Addressed to all financial advisers as well as to other life insurance industry and financial advice stakeholders, Wright’s open letter shares updated details about:
- The LifeBid industry project and working group
- How the LifeBid platform is aiming to help advisers and their clients
- What’s been achieved so far
- What’s next for the LifeBid platform and project
…over two thousand advisers …have registered their interest
Confirming there are now over two thousand advisers who have registered their interest either directly or via LifeBid’s working group partners, Wright notes the main initial priority for the one-stop platform is to deliver a new business system capability, after which the focus will shift to extending the platform services to manage renewals, policy reviews and alterations and claims processes.
He adds that the LifeBid development team had also been anticipating the removal of Statements of Advice and is designing a fit-for-purpose risk advice document solution, while continuing to monitor the progress of the implementation of the Quality of Advice Review reforms.
…no single insurer, licensee, adviser, regulator or the Government can fix life insurance on their own
Wright clarifies his vision that the LifeBid platform should ultimately be owned by all stakeholders participating in the Australian life insurance value chain, while also noting that no single insurer, licensee, adviser, regulator or the Government can fix life insurance on their own: “The industry needs to do this together,” urges Wright (see also: LifeBid Launches Crowdfunding Campaign).
In addition to outlining next steps, the letter also provides more details about the vision and mission attaching to LifeBid, information regarding working group partners – which include life companies, licensees and advocacy partners – as well as LifeBid’s Board of Advice.
Advisers and other interested industry stakeholders can click here to access the Open Letter from Brett Wright.
…And take the following link to learn more and to register interest in the future potential to invest in the LifeBid industry solution: LifeBid Investors
Riskinfo will report further developments on this forthcoming industry initiative, including projected release timing and progress of other key capabilities intended to deliver a single-platform solution for all advisers – risk specialist and generalist/holistic – seeking to offer life insurance advice solutions for their clients.
I am extremely proud of Brett and the team who have worked tirelessly to bring LifeBid to this point.
Not many people are aware of the sacrifices Brett has made over the years and his total commitment to bring about a better way for Advisers, Advice Practices, Licensees and Life Insurers to work together, that benefits everyone.
I have been a hard task master and Brett has had to put up with my old school approach to life and Business, though what I am especially proud of, is his total honesty and integrity, with the sole purpose of helping others.
I have always advocated that working hard is good for the soul, though even I am in awe of Brett’s work ethic and have even tried to get him to slow down and take a moment to take in what he has achieved over the last 17 years since he joined, then quickly took control of our Business.
LifeBid was a vision, then a goal, then a commitment, then a lot of hard work.
What we are doing, has come about from many years of people and entitles wanting what we are building and us realising, that in order for changes to happen, then we needed to make the first step and keep going.
Thank you for the update Brett.
Sadly, what risk specialists have available in terms of technology at the moment is not good – it’s apparent that product designers have never asked risk specialists how they operate. And I’ve looked at a lot of them.
As to the future, There is this one paragraph ( page 4/7) for which I would request request some further explanation, if possible.
“Risk advice specialist education and training pathways will help ensure qualification options are appropriate for existing risk advisers and attractive for new entrants to want to start their career in risk advice.”
Are we seriously considering asking experienced life risk advisers with 20+ years to undertake yet further “qualifications”. That will have one result – even less risk advisers, and no one left to mentor new entrants!
I do understand the bit about qualifications for NEW ENTRANTS, and that’s a current policy platform for the AIOFP.
Is it possible for a little bit of clarification please
Hi Old Risky,
You have a very good question and it is something we have been advocating for many years and will continue to do, in that existing Advisers who want to specialise in risk advice, will only need to do “ongoing” studies that are risk focused. They will not be forced to do other studies that have no relevance to the work they perform.
The current system does not work, as I have been saying for years, that most Advisers came into our Industry without Financial Planning degrees.
In fact, I and many Advisers did not have a degree, though what we did have, was life experience and a willingness to learn and work hard.
Even new entrants today, face a maze of complexity and people who want to specialise in risk advice, are hit over the head with expensive, time consuming and in many instances, irrelevant qualification mandates that drives them away, hence the terrible outcome of many Advisers still leaving and hardly any risk specialists entering the Industry.
At what point will the facts sink in, when we went from many thousands, now down to hundreds of risk Advisers, that the current pathway is a path to a cliff.
There is a long way to go, though anyone who knows me, knows that I do not give in and I will continue to push for Advisers to be able to continue or enter as risk Advisers without the current ridiculous road blocks.
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