Who Should Insurers Advise? Poll

Our latest poll seeks your view on the scope that should be given to life companies under the Government’s advice reform package proposals when it comes to providing simple advice to consumers in future.

Debate is currently raging as to the nature and qualifications of the staff to be retained in future by super funds, banks and life companies under the Government’s proposed expansion of the supply of advice, including how they should be identified. We will address this issue in a coming poll.

For the purpose of this poll, however, our focus is on life companies and the question – not of who – but rather to whom simple and limited advice should be delivered.

We can sense adverse adviser sentiment as you envision one of your clients seeking advice directly from the insurer, rather than contacting you. While simple answers to simple questions may be efficient and deliver value, many advisers may feel that the product manufacturer should defer to the appointed adviser rather than act on your behalf in providing even simple advice.

…others may believe that any inquiry …should be directed to a qualified authorised representative

Other advisers may be ok with that scenario, however, yet others may believe that any inquiry coming direct to a product manufacturer from any consumer should be directed to a qualified authorised representative, regardless of the nature of the inquiry.

The consultation period in the coming months for the Government’s ‘comprehensive financial advice reform package’ will generate much debate as industry stakeholders jockey for position, and Riskinfo will report these conversations as they emerge. In the meantime, though, send the industry your own message by adding your vote to this latest poll question.

Tell us what you think, and we’ll report back next week…