- Agree (78%)
- Disagree (12%)
- Not sure (10%)
The adviser community persists in maintaining a negative outlook on the critically-important future of advised life insurance solutions in Australia.
As we go to press, just over seven in ten advisers (71%) agree it will take at least a decade to exceed the previous high-water mark for advised life insurance sales, which – according to extrapolated Plan For Life data – peaked in the year to December 2013. (Riskinfo can’t help but reflect on the fact that ASIC’s controversial Report 413 Review of Life Insurance Advice was released in early October 2014.)
Meanwhile, less than one in five (18%) disagree with the poll proposition, with 11% undecided.
When we refer above to the ‘…critically-important future of advised life insurance in Australia’, we’re referring to consumers. So, while it was gratifying to learn this week that retention of risk commissions is to be formally mandated within the Government’s first stream of legislation based on the recommendations flowing from the Quality of Advice Review (see: Risk Commissions Enshrined), the elephant in the room for many in the sector screams that a 60/20 commission limit combined with a two-year responsibility period – in what is supposed to be a free market economy – is a pyrrhic victory for the majority of the adviser community, at best.
In thanking those who have contacted Riskinfo and/or left their comments on this question, we remind you that our poll remains open for another week and we welcome your further thoughts on this conversation…