Generating lots of reader interest this week was our poll on the polarising issue of delivering life insurance solutions under general advice conditions.

I'm comfortable with life insurance solutions being delivered under a general advice structure.

Our latest poll draws on one of the more polarising issues considered at this year’s Riskinfocus 25 event series, namely that of delivering life insurance solutions under general advice conditions.

We’ll reflect in greater detail next week, following the completion of the Riskinfocus 25 event series in Sydney this Thursday.

In the meantime, however, it’s accurate to say that the matter of more Australians potentially able to access life insurance coverage because of the emergence of this offer under general advice is one which has prompted a full range of views from the adviser community.

We welcome your vote and any thoughts you might wish to share on what is clearly an issue which presently divides adviser thinking around the country.

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

 

Pictured top: The ClearView Adviser Panel in Perth last week considered, among a range of issues, the pros and cons associated with delivering life insurance solutions under a general advice structure.

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1 COMMENT

  1. At the risk of being declared a harbinger of doom, the evidence in your poll that something like 64% of current advisers favour providing advice under general advice rules bothers the hell out of me.

    For someone who for decades has provided detailed personal advice there is a significant challenge for the adviser not to cross the line and fall into the hands of ASIC. I looked at it and decided that the discipline needed was just over the top.There would be hundreds of opportunities for a skilled personal-advice adviser operating under a general advice set up to drift into considering the client's personal situation.

    And anyone who thinks ASIC won't be spending time and money to keep an eye on what's going is in for a rude shock. ASIC maintains that it checks the scripts of some of the larger organisations who sell insurance under general advice but there's been enough cases over the years where there was deviation from the script.

    And yes am aware the been advances in some software programs and AIA might well be involved In keeping the adviser away from contact with the client, but advisers who jump onto this bandwagon should understand their business could be vulnerable if the court by an ASIC audit

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