{"id":28501,"date":"2015-01-27T16:05:51","date_gmt":"2015-01-27T05:05:51","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=28501"},"modified":"2025-01-21T21:49:45","modified_gmt":"2025-01-21T10:49:45","slug":"advisers-urged-to-respond-to-trowbridge","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/01\/27\/advisers-urged-to-respond-to-trowbridge\/","title":{"rendered":"Advisers Urged to Respond to Trowbridge"},"content":{"rendered":"

Advisers must review and respond to the Trowbridge Interim Report<\/a> on life insurance advice before it\u2019s too late, one licensee boss has warned.<\/p>\n

<\/p>\n

\"Bombora<\/a>
Bombora Advice Founder, Wayne Handley<\/figcaption><\/figure>\n

Bombora Advice Managing Director, Wayne Handley<\/strong>, said he had spoken with a number of advisers since the Interim Report was handed down, and was surprised to learn that many were unaware of its existence, or the looming submission deadline.<\/p>\n

The interim report, issued by John Trowbridge<\/strong>, represents the initial thoughts of the Life Insurance Advice Working Group (LIAWG), a joint initiative of the Financial Services Council and the Association of Financial Advisers. Among the observations included in the report is an acknowledgement that the industry must move on from its current commission model (see: High Upfront Commissions to Go<\/a>).<\/p>\n

Mr Handley said that it is in the best interest of advisers to take the opportunity provided by Trowbridge and ensure that they submit appropriate constructive commentary to ensure the future of the advice sector reflects their first-hand experience in directly servicing the needs of Australian consumers.<\/p>\n

\u201cThe time has now come for practitioners to have their say and provide balanced views that are essential at a time like this,\u201d Mr Handley said.<\/p>\n

\u201cAdvisers have an intimate understanding of consumers as they are ones that deal directly with them on a personal level through the delivery of professional advice.<\/p>\n

\u201cIn addition, they are the ones managing the claims and other related issues \u2013 and in doing so, they have much insight and experience to contribute.\u201d<\/p>\n

Mr Handley highlighted the short time frame the industry had been given to respond to the Interim Report, expressing his concern that many stakeholders would miss out on an important opportunity to have their voices heard. Submissions close on 30 January, despite the report only being released on 17 December.<\/p>\n

\u201cAn opportunity to provide a balanced and considered perspective and insight into the provision of financial advice should never be taken lightly or ignored,\u201d Mr Handley said.<\/p>\n

He confirmed Bombora would be submitting a response, responding to all aspects of the report, with particular reference to:<\/p>\n