Suncorp Life will cease its involvement with self-employed advisers announcing a six-month transition away from its Guardian Advice and Suncorp Financial Planning licences.<\/p>\n
The insurance group, which will retain its direct insurance channel, stated the move would affect around 170 advisers across the two groups.<\/p>\n
Suncorp Life, Acting Chief Executive, Jeremy Robson<\/strong> said the move away from self-employed, aligned advisers would simplify its distribution model \u201cin line with our strategic priorities and in the interests of advisers and customers\u201d.<\/p>\n Robson said the insurer would continue to offer life insurance and superannuation products through the wider Suncorp Group\u2019s brand and would continue to work with non-aligned independent advisers and its direct channels.<\/p>\n According to Suncorp advisers within the Guardian Advice and Suncorp Financial Planning licences would either be able to join another licensee, set up under their own licence or form a new advice group or retiring from the industry.<\/p>\n Non-aligned planning group Infocus has been selected by Suncorp as a\u00a0\u00a0future licensing partner for the advisers set to leave the two planning groups.<\/p>\n While Suncorp has stated around 170 advisers will be impacted these numbers are lower compared with those recorded on the Australian Securities and Investments Commission (ASIC) Financial Adviser register.<\/p>\n Currently the register lists 108 advisers for both Guardian Advice and Suncorp Financial Planning while at the release of the register in May of this year adviser numbers for the two groups were 149 and 116, respectively.<\/p>\n Robson said the insurer was working with advisers to identify their options and that during the transition any changes which affected customers would be passed on them via their adviser. However, there was unlikely to be an impact to the terms of current products or policies held by those customers.<\/p>\n