{"id":24767,"date":"2014-02-04T12:09:31","date_gmt":"2014-02-04T02:09:31","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=24767"},"modified":"2014-02-18T19:22:01","modified_gmt":"2014-02-18T09:22:01","slug":"advisers-rewarded-for-switch-to-hybridlevel-commissions","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/02\/04\/advisers-rewarded-for-switch-to-hybridlevel-commissions\/","title":{"rendered":"Advisers Rewarded for Switch to Hybrid\/Level Commissions"},"content":{"rendered":"

Advisers who swap upfront commissions for hybrid and level models will be rewarded with lower professional indemnity fees and professional accreditation, under a new program to be launched by Guardian Advice.<\/p>\n

<\/p>\n

\"\"<\/a>The risk-focused dealer group is taking a proactive approach to driving change among its advisers, rewarding them for initiatives such as implementing sustainable remuneration models. The move is designed to improve the public perception of advisers, which is often marred by the practices of a small number of \u2018bad apples\u2019.<\/p>\n

\u201cDespite the uncertain regulatory environment, many industrious businesses in our profession are thriving in these trying conditions and delivering exceptional service to clients,\u201d Suncorp Life\u2019s Head of Dealerships, Simon Harris<\/strong>, said.<\/p>\n

It\u2019s about time we rewarded advisers who run their business based on professional conduct and sustainable business practices<\/h6>\n

\u201cIt\u2019s about time we rewarded advisers who run their business based on professional conduct and sustainable business practices.\u201d<\/p>\n

Mr Harris believes the current focus on the sustainability of the insurance industry will drive more advisers to transition to hybrid or level commissions over the coming year.<\/p>\n

\u201cWe\u2019ve seen a lot of debate in the media regarding commissions and the sustainability debate. Advisers are picking up on this – they are listening, and they are acting,\u201d he said.<\/p>\n

Mr Harris said he had already observed a \u2018subtle\u2019 move towards alternative remuneration models among advisers in Suncorp\u2019s Guardian Advice group.<\/p>\n

\u201cWe\u2019re finding that advisers are more aware than ever before of the benefits of writing hybrid and level commissions, in particular in relation to the sustainability of their own businesses, and the role that asset plays in setting up an effective succession plan.\u201d<\/p>\n

While Guardian Advice does not mandate an approach to remuneration for its advisers, Mr Harris said the transition to hybrid\/level commissions was one of the criteria the group will use as part of its proposed recognition program.<\/p>\n

Among the criteria for recognition are:<\/p>\n

    \n
  • Investment in professional development and ongoing education beyond the mandatory requirements for advisers<\/li>\n
  • Utilising hybrid and level commission structures to build sustainable revenue streams<\/li>\n
  • Leveraging compliance as a business enabler that drives best practice<\/li>\n
  • Membership of a professional association<\/li>\n<\/ul>\n

    \u201cIt\u2019s unfortunate that a small share of rogue advisers have been the focus of industry attention. These advisers are the exception, and not the rule, and don\u2019t deserve all the headlines. We need to turn this out-dated paradigm on its head and recognise the many business-owners that run professional growth-focused practices.\u201d<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Advisers who swap upfront commissions for hybrid and level models will be rewarded with lower professional indemnity fees and professional accreditation, under a new program to be launched by Guardian Advice.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,6,270],"tags":[],"class_list":["post-24767","post","type-post","status-publish","format-standard","category-compliance-regulation","category-dealer-groups","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/24767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=24767"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/24767\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=24767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=24767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=24767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}