{"id":37079,"date":"2017-05-16T20:40:52","date_gmt":"2017-05-16T10:40:52","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=37079"},"modified":"2017-05-17T08:03:56","modified_gmt":"2017-05-16T22:03:56","slug":"consumers-open-to-insurance-advice-fees","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/05\/16\/consumers-open-to-insurance-advice-fees\/","title":{"rendered":"Consumers Open to Insurance Advice Fees"},"content":{"rendered":"

Increasing numbers of financial advisers are charging fees for life insurance advice but few risk-only advisers have found a fee model that will work under the new Life Insurance Framework regime, according to research conducted by Elixir Consulting.<\/p>\n

\"Elixir<\/a>
Elixir Consulting Principal, Sue Viskovic<\/figcaption><\/figure>\n

The research, which forms the fourth edition of the Adviser Pricing Models Research Report, found that around a third of advisers charged a fee for insurance-only advice with another 12% charging a fee on selected occasions, and only a handful charged any form of fees for ongoing insurance advice.<\/p>\n

Elixir Consulting Principal, Sue Viskovic<\/strong> said the shift towards fee for insurance-only advice partly busted the myth that consumers would not pay fees for insurance advice but warned this approach was likely to be unsuitable\u00a0for risk-only advisers.<\/p>\n

“Whilst pricing is often talked about, the intricate detail of how advisers charge for their services is still elusive to most…”<\/h6>\n

\u201cWhilst removing all commissions on risk can work for an adviser who is building their business on comprehensive advice, and providing insurance-only advice in a limited number of circumstances, our research suggests that it will have dire consequences for the risk specialist adviser who relies on their long-term clients for their recurring income and the asset value of their business,\u201d Viskovic said.<\/p>\n

While the research, which collected data from 320 advice practices on how they charged for a range of advice services, including life insurance advice, provided insights into fee models and pricing, Viskovic said it also showed that advisers were still working out how to price their services.<\/p>\n

\u201cIf you\u2019d told me a decade ago that we\u2019d now be in an environment where every adviser has to charge a fee for their financial advice, and yet there is more confusion and curiosity about pricing models than ever, I\u2019d have probably laughed\u201d Viskovic said.<\/p>\n

\u201cWhilst pricing is often talked about, the intricate detail of how advisers charge for their services is still elusive to most; today it remains a very private and commercially sensitive topic.\u201d<\/p>\n

Further details about the research are available\u00a0in the\u00a0May RiskInfo eMagazine<\/a>\u00a0in the article:\u00a0What They Don\u2019t Tell You About Providing Nil-Commission Risk Advice<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Increasing numbers of financial advisers are charging fees for life insurance advice but few risk-only advisers have found a fee model that will work under the new Life Insurance Framework regime, according to research conducted by Elixir Consulting.<\/p>\n","protected":false},"author":3,"featured_media":37094,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[270,5],"tags":[4247],"class_list":["post-37079","post","type-post","status-publish","format-standard","has-post-thumbnail","category-remuneration","category-services","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37079","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=37079"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/37094"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=37079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=37079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=37079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}